UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------
FORM N-CSR
--------
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBERS 811-5690; 811-6618;
811-3169
FIRST INVESTORS SERIES FUND
FIRST INVESTORS SERIES FUND II, INC.
FIRST INVESTORS GLOBAL FUND, INC.
(Exact name of registrant as specified in charter)
95 Wall Street
New York, NY 10005
(Address of principal executive offices) (Zip code)
Joseph I. Benedek
First Investors Corporation
581 Main Street
Woodbridge, NJ 07095
1-732-855-2712
(Name and address of agent for service)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
1-212-858-8000
DATE OF FISCAL YEAR END: SEPTEMBER 30, 2004
DATE OF REPORTING PERIOD: MARCH 31, 2004
Item 1. Reports to Stockholders
The Semi-Annual Report to Stockholders follows
Portfolio of Investments
FIRST INVESTORS TOTAL RETURN FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--62.2%
Consumer Discretionary--10.0%
7,600 * American Eagle Outfitters, Inc. $204,896 $8
8,400 Best Buy Company, Inc. 434,448 17
61,800 Blockbuster, Inc. - Class "A" 1,081,500 43
14,100 Clear Channel Communications, Inc. 597,135 24
29,400 * Comcast Corporation - Special Class "A" 819,672 32
24,000 * Concord Camera Corporation 150,720 6
36,400 * Fox Entertainment Group, Inc. - Class "A" 986,440 39
47,600 * GameStop Corporation - Class "A" 857,752 34
57,000 Gap, Inc. 1,249,440 49
13,800 Genuine Parts Company 451,536 18
19,300 GTECH Holdings Corporation 1,141,402 45
23,500 Harley-Davidson, Inc. 1,253,490 50
30,100 Hasbro, Inc. 654,675 26
65,900 * Hollywood Entertainment Corporation 893,604 35
27,200 Home Depot, Inc. 1,016,192 40
47,600 J.C. Penney Company, Inc. (Holding Company) 1,655,528 65
16,700 Lear Corporation 1,034,732 41
57,900 Leggett & Platt, Inc. 1,372,809 54
300 Lifetime Hoan Corporation 5,253 --
45,500 Mattel, Inc. 839,020 33
68,700 McDonald's Corporation 1,962,759 78
34,500 Newell Rubbermaid, Inc. 800,400 32
76,000 * Office Depot, Inc. 1,430,320 56
58,200 Pier 1 Imports, Inc. 1,379,340 55
43,000 Polo Ralph Lauren Corporation - Class "A" 1,474,040 58
22,900 Ross Stores, Inc. 700,969 28
8,200 Sherwin-Williams Company 315,126 12
16,500 Viacom, Inc. - Class "B" 646,965 26
- ----------------------------------------------------------------------------------------------------------------------
25,410,163 1,004
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--5.0%
27,600 Altria Group, Inc. 1,502,820 59
23,000 American Italian Pasta Company - Class "A" 918,390 36
22,800 Anheuser-Busch Companies, Inc. 1,162,800 46
13,600 Bunge, Ltd. 546,992 22
39,800 Coca-Cola Enterprises, Inc. 961,966 38
17,100 * Costco Wholesale Corporation 642,276 25
18,300 CVS Corporation 645,990 26
34,900 Hormel Foods Corporation 1,023,617 40
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS TOTAL RETURN FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples (continued)
17,200 Kimberly-Clark Corporation $1,085,320 $43
21,100 Pepsi Bottling Group, Inc. 627,725 25
13,900 PepsiCo, Inc. 748,515 30
15,400 Procter & Gamble Company 1,615,152 64
20,600 Wal-Mart Stores, Inc. 1,229,614 49
- ----------------------------------------------------------------------------------------------------------------------
12,711,177 503
- ----------------------------------------------------------------------------------------------------------------------
Energy--4.1%
30,300 Anadarko Petroleum Corporation 1,571,358 62
16,400 ConocoPhillips 1,144,884 45
16,000 Diamond Offshore Drilling, Inc. 387,040 15
18,500 EOG Resources, Inc. 848,965 34
41,900 ExxonMobil Corporation 1,742,621 69
22,900 * Noble Corporation 879,818 35
48,700 Suncor Energy, Inc. 1,331,945 53
44,500 * Transocean, Inc. 1,241,105 49
46,500 XTO Energy, Inc. 1,173,660 46
- ----------------------------------------------------------------------------------------------------------------------
10,321,396 408
- ----------------------------------------------------------------------------------------------------------------------
Financials--13.4%
27,700 ACE, Ltd. 1,181,682 47
19,300 American Express Company 1,000,705 40
19,500 American International Group, Inc. 1,391,325 55
36,600 AmSouth Bancorporation 860,466 34
12,400 Bank of America Corporation 1,004,152 40
16,900 Bear Stearns Companies, Inc. 1,481,792 59
43,000 Citigroup, Inc. 2,223,100 88
29,500 Endurance Specialty Holdings, Ltd. 1,048,430 42
13,900 Fannie Mae 1,033,465 41
31,700 FleetBoston Financial Corporation 1,423,330 56
14,000 GreenPoint Financial Corporation 611,940 24
44,500 J.P. Morgan Chase & Company 1,866,775 74
13,500 Lehman Brothers Holdings, Inc. 1,118,745 44
32,700 Lincoln National Corporation 1,547,364 61
27,800 Marsh & McLennan Companies, Inc. 1,287,140 51
46,700 MBNA Corporation 1,290,321 51
9,800 Merrill Lynch & Company, Inc. 583,688 23
28,000 Montpelier Re Holdings, Ltd. 1,042,720 41
8,800 Morgan Stanley 504,240 20
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials (continued)
32,000 New York Community Bancorp, Inc. $1,096,960 $43
46,550 Old Republic International Corporation 1,143,268 45
553 * Piper Jaffray Companies, Inc. 29,945 1
20,600 Plum Creek Timber Company, Inc. (REIT) 669,088 26
20,800 SouthTrust Corporation 689,728 27
57,100 Sovereign Bancorp, Inc. 1,223,082 48
9,700 St. Paul Companies, Inc. 388,097 15
55,600 U.S. Bancorp 1,537,340 61
38,800 Wachovia Corporation 1,823,600 72
34,700 Washington Mutual, Inc. 1,482,037 59
19,500 Wells Fargo & Company 1,105,065 44
5,200 Willis Group Holdings, Ltd. 193,440 8
- ----------------------------------------------------------------------------------------------------------------------
33,883,030 1,340
- ----------------------------------------------------------------------------------------------------------------------
Health Care--6.6%
45,600 Abbott Laboratories 1,874,160 74
10,900 * Accredo Health, Inc. 415,290 17
9,500 AmerisourceBergen Corporation 519,460 21
13,000 * Amgen, Inc. 756,210 30
24,950 * Barr Pharmaceuticals, Inc. 1,145,205 45
47,300 * Boston Scientific Corporation 2,004,574 79
8,300 Eli Lilly & Company 555,270 22
2,700 * Genentech, Inc. 285,714 11
23,100 Guidant Corporation 1,463,847 58
28,500 Johnson & Johnson 1,445,520 57
14,600 * Laboratory Corporation of America Holdings 573,050 23
14,400 Medtronic, Inc. 687,600 27
17,100 Merck & Company, Inc. 755,649 30
83,580 Pfizer, Inc. 2,929,479 116
34,400 Wyeth 1,291,720 51
- ----------------------------------------------------------------------------------------------------------------------
16,702,748 661
- ----------------------------------------------------------------------------------------------------------------------
Industrials--7.6%
17,200 3M Company 1,408,164 56
42,900 * AGCO Corporation 888,459 35
14,000 Alexander & Baldwin, Inc. 463,120 18
27,100 American Power Conversion Corporation 623,571 25
8,300 Caterpillar, Inc. 656,281 26
27,500 Cendant Corporation 670,725 27
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS TOTAL RETURN FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Industrials (continued)
32,900 Chicago Bridge & Iron Company NV - NY Shares $915,607 $36
10,000 Eaton Corporation 561,900 22
17,100 Engineered Support Systems, Inc. 834,309 33
13,900 Harsco Corporation 632,450 25
25,600 Honeywell International, Inc. 866,560 34
16,600 Lockheed Martin Corporation 757,624 30
59,400 Masco Corporation 1,807,542 71
15,600 Northrop Grumman Corporation 1,535,352 61
15,300 Pall Corporation 347,157 14
55,500 * Pinnacle Airlines Corporation 738,150 29
32,100 Pitney Bowes, Inc. 1,367,781 54
24,800 Rockwell Automation, Inc. 859,816 34
31,700 SPX Corporation 1,441,716 57
9,900 Textron, Inc. 526,185 21
15,300 United Technologies Corporation 1,320,390 52
- ----------------------------------------------------------------------------------------------------------------------
19,222,859 760
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--10.1%
4,100 Analog Devices, Inc. 196,841 8
14,200 * Applied Materials, Inc. 303,596 12
27,800 Autodesk, Inc. 879,036 35
54,700 * Cisco Systems, Inc. 1,286,544 52
16,400 Diebold, Inc. 789,168 31
24,800 * Electronics for Imaging, Inc. 609,336 24
97,300 * EMC Corporation 1,324,253 52
168,600 * Entrust, Inc. 736,782 29
45,476 First Data Corporation 1,917,268 76
57,600 Hewlett-Packard Company 1,315,584 52
50,100 Intel Corporation 1,362,720 54
23,600 Intersil Corporation - Class "A" 526,044 21
14,300 * Intuit, Inc. 641,784 25
55,100 * ManTech International Corporation - Class "A" 1,128,999 45
100,700 Microsoft Corporation 2,514,479 100
48,700 * Network Associates, Inc. 876,600 35
65,100 Nokia Corporation - Class "A" (ADR) 1,320,228 52
137,500 * Nortel Networks Corporation 816,750 32
24,800 QUALCOMM, Inc. 1,647,216 65
28,900 * SanDisk Corporation 819,893 32
35,200 * Storage Technology Corporation 979,616 39
71,600 * Sun Microsystems, Inc. 297,856 12
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
44,604 * Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) $465,666 $18
22,500 * Tech Data Corporation 921,150 37
38,600 * Thermo Electron Corporation 1,091,608 43
28,100 * Western Digital Corporation 315,563 12
9,500 * Xilinx, Inc. 361,000 14
- ----------------------------------------------------------------------------------------------------------------------
25,445,580 1,007
- ----------------------------------------------------------------------------------------------------------------------
Materials--3.0%
18,200 Dow Chemical Company 733,096 29
26,400 Freeport-McMoRan Copper & Gold, Inc. - Class "B" 1,031,976 41
26,000 Georgia-Pacific Corporation 875,940 35
35,000 Lubrizol Corporation 1,102,150 44
12,500 PPG Industries, Inc. 728,750 29
16,600 Praxair, Inc. 616,192 24
53,800 RPM International, Inc. 889,852 35
16,100 United States Steel Corporation 600,047 24
14,700 Weyerhaeuser Company 962,850 38
- ----------------------------------------------------------------------------------------------------------------------
7,540,853 299
- ----------------------------------------------------------------------------------------------------------------------
Other--.8%
25,000 Nasdaq--100 Index Tracking Stock 894,250 35
10,000 SPDR Trust - Series "1" 1,129,700 45
- ----------------------------------------------------------------------------------------------------------------------
2,023,950 80
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--.7%
38,600 SBC Communications, Inc. 947,244 38
20,800 Verizon Communications, Inc. 760,032 30
- ----------------------------------------------------------------------------------------------------------------------
1,707,276 68
- ----------------------------------------------------------------------------------------------------------------------
Utilities--.9%
20,800 Consolidated Edison, Inc. 917,280 36
11,600 Dominion Resources, Inc. 745,880 30
24,900 ONEOK, Inc. 561,495 22
- ----------------------------------------------------------------------------------------------------------------------
2,224,655 88
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $123,252,025) 157,193,687 6,218
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS TOTAL RETURN FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS--19.8%
Aerospace/Defense--.8%
$500M Boeing Capital Corp., 4.75%, 2008 $527,961 $21
350M Honeywell International, Inc., 7.5%, 2010 421,316 17
Precision Castparts Corp.:
500M 8.75%, 2005 522,638 21
500M 5.6%, 2013 + 519,083 20
- ----------------------------------------------------------------------------------------------------------------------
1,990,998 79
- ----------------------------------------------------------------------------------------------------------------------
Automotive--.3%
DaimlerChrysler NA Holdings Corp.:
350M 8%, 2010 412,632 16
350M 6.5%, 2013 379,227 15
- ----------------------------------------------------------------------------------------------------------------------
791,859 31
- ----------------------------------------------------------------------------------------------------------------------
Consumer Non-Durables--.4%
900M Clorox Co., 6.125%, 2011 1,025,726 41
- ----------------------------------------------------------------------------------------------------------------------
Energy--.3%
600M Texaco Capital, Inc., 8.25%, 2006 694,639 27
- ----------------------------------------------------------------------------------------------------------------------
Financial--2.3%
CIT Group, Inc.:
500M 4.75%, 2010 519,121 20
750M 7.75%, 2012 907,257 36
750M First Union National Bank, 6.18%, 2036 850,802 34
350M General Electric Capital Corp., 8.5%, 2008 425,751 17
General Motors Acceptance Corp.:
500M 4.5%, 2006 516,955 20
650M 7.75%, 2010 737,750 29
Household Finance Corp.:
750M 6.5%, 2008 849,812 34
170M 7.75%, 2022 184,490 7
885M SLM Corp., 5%, 2015 899,449 36
- ----------------------------------------------------------------------------------------------------------------------
5,891,387 233
- ----------------------------------------------------------------------------------------------------------------------
Financial Services--3.0%
500M Bank of America Corp., 6.5%, 2011 557,145 22
750M Bank One Corp., 7.6%, 2007 856,520 34
500M Bank United Corp., 8%, 2009 604,125 24
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financial Services (continued)
$1,250M Fifth Third Bank, 3.375%, 2008 $1,268,676 $50
1,000M Lincoln National Corp., 6.5%, 2008 1,120,380 44
725M Manufacturers & Traders Trust Co., 8%, 2010 892,733 35
853M National City Bank of Kentucky, 6.3%, 2011 974,854 39
392M NBD Bancorp, Inc., 7.125%, 2007 444,712 17
737M Washington Mutual, Inc., 8.25%, 2010 902,109 36
- ----------------------------------------------------------------------------------------------------------------------
7,621,254 301
- ----------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--.9%
1,000M Coca-Cola Co., 5.75%, 2011 1,117,849 44
1,030M Coca-Cola Enterprises, Inc., 7.125%, 2009 1,218,844 48
- ----------------------------------------------------------------------------------------------------------------------
2,336,693 92
- ----------------------------------------------------------------------------------------------------------------------
Food/Drug--1.2%
600M Delhaize America, Inc., 8.125%, 2011 693,000 27
1,000M Kroger Co., 7.8%, 2007 1,155,387 46
996M Safeway, Inc., 7%, 2007 1,127,219 45
- ----------------------------------------------------------------------------------------------------------------------
2,975,606 118
- ----------------------------------------------------------------------------------------------------------------------
Forest Products/Containers--.4%
750M International Paper Co., 6.75%, 2011 854,149 35
- ----------------------------------------------------------------------------------------------------------------------
Gaming/Leisure--.4%
750M MGM Mirage, Inc., 8.5%, 2010 879,375 35
- ----------------------------------------------------------------------------------------------------------------------
Health Care--.8%
1,000M HCA, Inc., 5.25%, 2008 1,034,704 41
800M Wyeth, 6.95%, 2011 923,356 36
- ----------------------------------------------------------------------------------------------------------------------
1,958,060 77
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--.2%
500M International Business Machines Corp., 5.4%, 2009 546,163 22
- ----------------------------------------------------------------------------------------------------------------------
Manufacturing--.3%
700M Newell Rubbermaid, Inc., 6.75%, 2012 784,866 31
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS TOTAL RETURN FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Media - Broadcasting--.8%
$705M Comcast Cable Communications, Inc., 8.375%, 2007 $819,365 $32
500M Cox Communications, Inc., 5.5%, 2015 513,502 20
500M Cox Enterprises, Inc., 8%, 2007 + 572,379 23
- ----------------------------------------------------------------------------------------------------------------------
1,905,246 75
- ----------------------------------------------------------------------------------------------------------------------
Media - Diversified--.7%
750M AOL Time Warner, Inc., 6.75%, 2011 851,711 34
705M Viacom, Inc., 8.625%, 2012 901,269 35
- ----------------------------------------------------------------------------------------------------------------------
1,752,980 69
- ----------------------------------------------------------------------------------------------------------------------
Metals/Mining--.2%
500M Thiokol Corp., 6.625%, 2008 559,399 22
- ----------------------------------------------------------------------------------------------------------------------
Real Estate--1.9%
910M AvalonBay Communities, Inc., 6.875%, 2007 (REIT) 1,034,597 41
750M Boston Properties, Inc., 5%, 2015 (REIT) 750,051 30
700M EOP Operating LP, 8.1%, 2010 (REIT) 845,991 33
700M Mack-Cali Realty LP, 7.75%, 2011 (REIT) 835,246 33
Simon Property Group, Inc.:
350M 7.875%, 2016 (REIT) + 428,790 17
800M 7.375%, 2018 (REIT) 960,562 38
- ----------------------------------------------------------------------------------------------------------------------
4,855,237 192
- ----------------------------------------------------------------------------------------------------------------------
Retail - General Merchandise--.5%
500M Federated Department Stores, Inc., 7.45%, 2017 608,751 24
600M Target Corp., 7.5%, 2010 726,025 29
- ----------------------------------------------------------------------------------------------------------------------
1,334,776 53
- ----------------------------------------------------------------------------------------------------------------------
Services--1.0%
1,250M ERAC USA Finance Enterprise Co., 7.35%, 2008 + 1,448,719 58
1,000M Waste Management, Inc., 6.875%, 2009 1,143,790 45
- ----------------------------------------------------------------------------------------------------------------------
2,592,509 103
- ----------------------------------------------------------------------------------------------------------------------
Telecommunications--.5%
500M Ameritech Capital Funding, 6.45%, 2018 558,351 22
600M New York Telephone Co., 6.125%, 2010 661,477 26
100M SBC Communications, Inc., 6.25%, 2011 112,177 5
- ----------------------------------------------------------------------------------------------------------------------
1,332,005 53
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Transportation--1.1%
Burlington Northern Santa Fe Corp.:
$1,000M 7.875%, 2007 $1,157,329 $46
250M 6.75%, 2011 292,493 12
400M Canadian National Railway Co., 6.45%, 2006 436,998 17
Union Pacific Corp.:
200M 7.25%, 2008 231,269 9
600M 7.375%, 2009 710,294 28
- ----------------------------------------------------------------------------------------------------------------------
2,828,383 112
- ----------------------------------------------------------------------------------------------------------------------
Utilities--1.8%
750M Consumers Energy Co., 6.375%, 2008 829,270 33
800M DPL, Inc., 6.875%, 2011 816,000 32
750M Duke Capital Corp., 8%, 2019 893,954 35
750M NiSource Finance Corp., 7.875%, 2010 908,271 36
900M PP&L Capital Funding, Inc., 8.375%, 2007 1,038,334 41
- ----------------------------------------------------------------------------------------------------------------------
4,485,829 177
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $46,387,131) 49,997,139 1,978
- ----------------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED CERTIFICATES--10.0%
Fannie Mae--4.9%
8,153M 5.5%, 4/1/33-10/1/33 8,360,153 331
3,809M 7%, 3/1/32-8/1/32 4,092,236 162
- ----------------------------------------------------------------------------------------------------------------------
12,452,389 493
- ----------------------------------------------------------------------------------------------------------------------
Freddie Mac--2.5%
3,112M 5.5%, 3/1/33-7/1/33 3,192,588 126
848M 6%, 9/1/32 881,868 35
2,117M 6.5%, 1/1/34 2,225,033 88
- ----------------------------------------------------------------------------------------------------------------------
6,299,489 249
- ----------------------------------------------------------------------------------------------------------------------
Government National Mortgage Association--2.6%
5,362M 5.5%, 4/15/33-12/15/33 5,531,962 218
616M 6.5%, 7/15/28 650,921 26
349M 7%, 8/15/32 372,197 15
- ----------------------------------------------------------------------------------------------------------------------
6,555,080 259
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Mortgage-Backed Certificates (cost $24,841,496) 25,306,958 1,001
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS TOTAL RETURN FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Principal For Each
Amount $10,000 of
or Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS--3.0%
$7,500M Freddie Mac, 4.75%, 2012 (cost $7,607,530) $7,594,492 $300
- ----------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--1.6%
Financials--1.1%
Chubb Corporation:
25,000 7%, 2005 - Series "A" 712,500 28
13,600 7%, 2006 - Series "B" 396,100 16
26,100 Hartford Financial Services Group, Inc., 6%,
2006 - Class "A" 1,623,420 64
- ----------------------------------------------------------------------------------------------------------------------
2,732,020 108
- ----------------------------------------------------------------------------------------------------------------------
Industrials--.1%
2,800 Northrop Grumman Corporation, 7.25%, 2004 289,464 12
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--.4%
22,000 ALLTEL Corporation, 7.75%, 2005 1,115,840 44
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Convertible Preferred Stocks (cost $3,542,516) 4,137,324 164
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--.6%
$1,500M Tobacco Settlement Financing Corp., NJ Rev. Bonds,
6.75%, 2039 (cost $1,442,098) 1,479,375 58
- ----------------------------------------------------------------------------------------------------------------------
PASS THROUGH CERTIFICATES--.5%
Transportation
759M Continental Airlines, Inc., 8.388%, 2020 659,621 26
642M NWA Trust, 10.23%, 2012 594,396 24
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Pass Through Certificates (cost $1,447,579) 1,254,017 50
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--2.0%
1,000M AIG Funding Corp., .99%, 4/5/04 999,890 40
General Electric Capital Corp.:
2,200M 1%, 4/13/04 2,199,266 87
1,900M 1%, 4/15/04 1,899,261 75
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $5,098,417) 5,098,417 202
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT
OBLIGATIONS--.5%
$1,300M U.S. Treasury Bills, .94%, 4/15/04
(cost $1,299,525) $1,299,525 $51
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $214,918,317) 100.2% 253,360,934 10,022
Excess of Liabilities Over Other Assets (.2) (544,914) (22)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $252,816,020 $10,000
======================================================================================================================
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act of 1933. See Note 6.
Summary of Abbreviations:
ADR American Depositary Receipts
REIT Real Estate Investment Trust
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS VALUE FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--92.1%
Consumer Discretionary--13.2%
5,800 Coachmen Industries, Inc. $96,744 $5
47,300 Genuine Parts Company 1,547,656 84
33,600 Home Depot, Inc. 1,255,296 68
59,300 J.C. Penney Company, Inc. (Holding Company) 2,062,454 112
11,800 Jones Apparel Group, Inc. 426,570 23
36,100 Lee Enterprises, Inc. 1,630,998 89
58,700 Leggett & Platt, Inc. 1,391,777 76
16,100 Liberty Corporation 744,947 40
96,600 Limited Brands 1,932,000 105
14,200 Magna International, Inc. - Class "A" 1,124,640 61
52,600 May Department Stores Company 1,818,908 99
104,600 McDonald's Corporation 2,988,422 162
86,200 Natuzzi SpA (ADR) 922,340 50
29,800 Newell Rubbermaid, Inc. 691,360 38
33,300 OshKosh B'Gosh, Inc. - Class "A" 779,220 42
158,400 Pearson PLC (ADR) 1,821,600 99
22,300 Spartan Motors, Inc. 235,265 13
21,800 Tupperware Corporation 388,258 21
97,400 Walt Disney Company 2,434,026 132
- ----------------------------------------------------------------------------------------------------------------------
24,292,481 1,319
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--8.8%
37,200 Brown-Forman Corporation - Class "B" 1,772,952 96
34,000 Coca-Cola Company 1,710,200 93
68,800 ConAgra Foods, Inc. 1,853,472 101
15,541 * Del Monte Foods Company 174,837 9
40,700 Diageo PLC (ADR) 2,152,216 117
44,200 H.J. Heinz Company 1,648,218 89
32,100 Kimberly-Clark Corporation 2,025,510 110
26,700 Lance, Inc. 437,613 24
71,900 Ruddick Corporation 1,455,256 79
38,500 Sara Lee Corporation 841,610 46
58,200 Tasty Baking Company 573,270 31
43,900 UST, Inc. 1,584,790 86
- ----------------------------------------------------------------------------------------------------------------------
16,229,944 881
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Energy--9.9%
27,600 Anadarko Petroleum Corporation $1,431,336 $78
38,500 BP PLC (ADR) 1,971,200 107
18,200 ChevronTexaco Corporation 1,597,596 87
30,600 ConocoPhillips 2,136,186 116
78,800 Diamond Offshore Drilling, Inc. 1,906,172 103
9,200 EOG Resources, Inc. 422,188 23
38,200 Kerr-McGee Corporation 1,967,300 107
51,700 Marathon Oil Corporation 1,740,739 95
37,900 Royal Dutch Petroleum Company - NY Shares (ADR) 1,803,282 98
52,600 Tidewater, Inc. 1,479,638 80
46,900 Unocal Corporation 1,748,432 95
- ----------------------------------------------------------------------------------------------------------------------
18,204,069 989
- ----------------------------------------------------------------------------------------------------------------------
Financials--22.1%
29,000 A.G. Edwards, Inc. 1,134,480 62
11,100 ACE, Ltd. 473,526 26
52,600 Allstate Corporation 2,391,196 130
62,400 AmSouth Bancorporation 1,467,024 80
74,500 Aon Corporation 2,079,295 113
52,400 Banknorth Group, Inc. 1,783,696 97
60,400 Brascan Corporation - Class "A" 2,431,704 132
35,100 Cincinnati Financial Corporation 1,525,095 83
23,000 Comerica, Inc. 1,249,360 68
34,200 Erie Indemnity Company - Class "A" 1,650,492 90
30,300 FBL Financial Group, Inc. - Class "A" 851,430 46
45,800 FleetBoston Financial Corporation 2,056,420 112
30,600 Jefferson-Pilot Corporation 1,683,306 91
56,400 KeyCorp 1,708,356 93
38,500 Koger Equity, Inc. 903,595 49
39,400 Lincoln National Corporation 1,864,408 101
37,700 Montpelier Re Holdings, Ltd. 1,403,948 76
33,300 Morgan Stanley 1,908,090 104
18,200 One Liberty Properties, Inc. (REIT) 410,410 22
50,900 Plum Creek Timber Company, Inc. (REIT) 1,653,232 90
29,200 PNC Financial Services Group, Inc. 1,618,264 88
40,300 Protective Life Corporation 1,509,235 82
68,300 Sky Financial Group, Inc. 1,772,385 96
21,200 SunTrust Banks, Inc. 1,477,852 80
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS VALUE FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials (continued)
42,900 T. Rowe Price Group, Inc. $2,309,307 $125
25,400 Wells Fargo & Company 1,439,418 78
- ----------------------------------------------------------------------------------------------------------------------
40,755,524 2,214
- ----------------------------------------------------------------------------------------------------------------------
Health Care--6.1%
45,200 Abbott Laboratories 1,857,720 101
33,400 GlaxoSmithKline PLC (ADR) 1,334,330 72
32,800 Johnson & Johnson 1,663,616 90
49,500 Merck & Company, Inc. 2,187,405 119
22,600 Novartis AG (ADR) 962,760 52
56,500 Pfizer, Inc. 1,980,325 108
77,100 Schering-Plough Corporation 1,250,562 68
- ----------------------------------------------------------------------------------------------------------------------
11,236,718 610
- ----------------------------------------------------------------------------------------------------------------------
Industrials--9.7%
2,600 Alexander & Baldwin, Inc. 86,008 5
29,800 ALLETE, Inc. 1,045,682 57
29,800 Baldor Electric Company 684,804 37
26,200 CNF, Inc. 880,320 48
33,500 Dover Corporation 1,298,795 71
35,600 Federal Signal Corporation 706,660 38
20,300 General Dynamics Corporation 1,813,399 99
58,400 Honeywell International, Inc. 1,976,840 107
63,200 Masco Corporation 1,923,176 104
63,300 Norfolk Southern Corporation 1,398,297 76
69,800 Pall Corporation 1,583,762 86
40,300 Pitney Bowes, Inc. 1,717,183 93
36,100 SPX Corporation 1,641,828 89
28,600 Stewart & Stevenson Services, Inc. 418,132 23
14,500 Teleflex, Inc. 713,835 39
- ----------------------------------------------------------------------------------------------------------------------
17,888,721 972
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--4.4%
43,500 Automatic Data Processing, Inc. 1,827,000 99
63,900 AVX Corporation 1,053,711 57
16,900 Bel Fuse, Inc. - Class "B" 553,306 30
77,000 Hewlett-Packard Company 1,758,680 96
60,900 Methode Electronics, Inc. 785,610 43
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
64,700 Motorola, Inc. $1,138,720 $62
24,700 Paychex, Inc. 879,320 48
- ----------------------------------------------------------------------------------------------------------------------
7,996,347 435
- ----------------------------------------------------------------------------------------------------------------------
Materials--6.8%
31,500 Air Products & Chemicals, Inc. 1,578,780 86
58,800 Alcoa, Inc. 2,039,772 111
37,300 Compass Minerals International, Inc. 611,347 33
43,600 Du Pont (E.I.) de Nemours & Company 1,840,792 100
58,200 Glatfelter 654,168 36
38,100 Great Lakes Chemical Corporation 908,685 49
59,300 Lubrizol Corporation 1,867,357 101
30,800 Myers Industries, Inc. 378,840 21
73,900 Sonoco Products Company 1,794,292 97
18,200 Vulcan Materials Company 863,408 47
- ----------------------------------------------------------------------------------------------------------------------
12,537,441 681
- ----------------------------------------------------------------------------------------------------------------------
Other--.8%
13,000 SPDR Trust - Series "1" 1,468,610 80
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--4.4%
57,500 BellSouth Corporation 1,592,175 86
31,500 CT Communications, Inc. 435,645 24
22,000 D&E Communications, Inc. 307,780 17
39,000 Nippon Telegraph and Telephone Corporation (ADR) 1,105,260 60
55,400 SBC Communications, Inc. 1,359,516 74
21,100 Telephone & Data Systems, Inc. 1,495,357 81
48,528 Verizon Communications, Inc. 1,773,213 96
- ----------------------------------------------------------------------------------------------------------------------
8,068,946 438
- ----------------------------------------------------------------------------------------------------------------------
Utilities--5.9%
34,550 American States Water Company 843,020 46
16,600 Equitable Resources, Inc. 737,372 40
34,800 KeySpan Corporation 1,330,056 72
19,600 MDU Resources Group, Inc. 460,404 25
80,900 NiSource, Inc. 1,719,125 93
45,200 Northwest Natural Gas Company 1,412,500 77
39,500 ONEOK, Inc. 890,725 48
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS VALUE FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
12,100 South Jersey Industries, Inc. $495,011 $27
51,200 Southwest Gas Corporation 1,198,080 65
48,700 United Utilities PLC (ADR) 949,650 52
32,700 Vectren Corporation 806,709 44
- ----------------------------------------------------------------------------------------------------------------------
10,842,652 589
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $134,751,054) 169,521,453 9,208
- ----------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--2.2%
Financials--.8%
49,200 Chubb Corporation, 7%, 2005 - Series "A" 1,402,200 76
- ----------------------------------------------------------------------------------------------------------------------
Health Care--.5%
8,100 Anthem, Inc., 6%, 2004 850,905 46
- ----------------------------------------------------------------------------------------------------------------------
Industrials--.6%
11,700 Northrop Grumman Corporation, 7.25%, 2004 1,209,546 66
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--.3%
12,400 ALLTEL Corporation, 7.75%, 2005 628,928 34
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Convertible Preferred Stocks (cost $3,554,798) 4,091,579 222
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS--.6%
Telecommunications--.3%
$500M BellSouth Corp., 6.375%, 2004 505,013 27
- ----------------------------------------------------------------------------------------------------------------------
Utilities--.3%
500M Union Electric Co., 6.75%, 2008 570,261 31
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $999,105) 1,075,274 58
- ----------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--.5%
Telecommunication Services--.3%
20,300 Verizon South, Inc., 7%, 2041 - Series "F" 547,288 30
- ----------------------------------------------------------------------------------------------------------------------
Utilities--.2%
18,300 Entergy Louisiana, Inc., 7.6%, 2032 499,590 27
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Preferred Stocks (cost $960,920) 1,046,878 57
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--3.2%
$5,900M AIG Funding Corp., .99%, 4/5/04 (cost $5,899,351) $5,899,351 $321
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT
AGENCY OBLIGATIONS--2.3%
4,200M Federal Home Loan Bank, .975%,
4/16/04 (cost $4,198,293) 4,198,293 228
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $150,363,521) 100.9% 185,832,828 10,094
Excess of Liabilities Over Other Assets (.9) (1,723,489) (94)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $184,109,339 $10,000
======================================================================================================================
* Non-income producing
Summary of Abbreviations:
ADR American Depositary Receipts
REIT Real Estate Investment Trust
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS BLUE CHIP FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--97.2%
Consumer Discretionary--11.1%
32,300 Autoliv, Inc. $1,324,300 $26
31,700 * Bed Bath & Beyond, Inc. 1,323,792 26
29,000 Best Buy Company, Inc. 1,499,880 30
51,500 Clear Channel Communications, Inc. 2,181,025 43
71,996 * Comcast Corporation - Class "A" 2,069,165 41
48,900 * Comcast Corporation - Special Class "A" 1,363,332 27
28,900 * eBay, Inc. 2,003,637 40
31,000 Gannett Company, Inc. 2,732,340 54
102,900 Gap, Inc. 2,255,568 45
22,900 GTECH Holdings Corporation 1,354,306 27
35,800 Harley-Davidson, Inc. 1,909,572 38
160,400 Home Depot, Inc. 5,992,544 119
45,300 * Kohl's Corporation 2,189,349 43
148,300 * Liberty Media Corporation - Class "A" 1,623,885 32
44,200 Lowe's Companies, Inc. 2,480,946 49
44,000 Mattel, Inc. 811,360 16
101,600 McDonald's Corporation 2,902,712 58
23,000 Omnicom Group, Inc. 1,845,750 37
49,600 Reebok International, Ltd. 2,050,960 41
75,300 Target Corporation 3,391,512 67
223,500 * Time Warner, Inc. 3,768,210 75
52,500 TJX Companies, Inc. 1,289,400 26
115,100 Viacom, Inc. - Class "B" 4,513,071 89
118,200 Walt Disney Company 2,953,818 58
- ----------------------------------------------------------------------------------------------------------------------
55,830,434 1,107
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--10.4%
88,100 Altria Group, Inc. 4,797,045 95
43,000 Anheuser-Busch Companies, Inc. 2,193,000 44
104,500 Coca-Cola Company 5,256,350 104
33,000 Colgate-Palmolive Company 1,818,300 36
41,700 * Costco Wholesale Corporation 1,566,252 31
55,100 CVS Corporation 1,945,030 39
104,700 General Mills, Inc. 4,887,396 97
52,700 Gillette Company 2,060,570 41
32,300 Kimberly-Clark Corporation 2,038,130 40
55,100 * Kroger Company 916,864 18
44,100 Pepsi Bottling Group, Inc. 1,311,975 26
113,500 PepsiCo, Inc. 6,111,975 121
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples (continued)
66,500 Procter & Gamble Company $6,974,520 $138
42,600 SYSCO Corporation 1,663,530 33
146,100 Wal-Mart Stores, Inc. 8,720,709 173
- ----------------------------------------------------------------------------------------------------------------------
52,261,646 1,036
- ----------------------------------------------------------------------------------------------------------------------
Energy--6.1%
38,400 Apache Corporation 1,657,728 33
48,200 BP PLC (ADR) 2,467,840 49
43,700 ChevronTexaco Corporation 3,835,986 76
48,977 ConocoPhillips 3,419,084 68
25,000 EOG Resources, Inc. 1,147,250 23
230,000 ExxonMobil Corporation 9,565,700 189
33,000 Occidental Petroleum Corporation 1,519,650 30
78,500 Schlumberger, Ltd. 5,012,225 99
85,200 * Transocean, Inc. 2,376,228 47
- ----------------------------------------------------------------------------------------------------------------------
31,001,691 614
- ----------------------------------------------------------------------------------------------------------------------
Financials--19.5%
45,400 Allstate Corporation 2,063,884 41
103,300 American Express Company 5,356,105 106
142,600 American International Group, Inc. 10,174,510 202
44,100 Aon Corporation 1,230,831 24
84,400 Bank of America Corporation 6,834,712 136
72,300 Bank of New York Company, Inc. 2,277,450 45
47,300 Bank One Corporation 2,578,796 51
750 * Berkshire Hathaway, Inc. - Class "B" 2,333,258 46
32,900 Chubb Corporation 2,287,866 45
272,500 Citigroup, Inc. 14,088,250 279
65,100 Fannie Mae 4,840,185 96
41,300 FleetBoston Financial Corporation 1,854,370 37
36,400 Freddie Mac 2,149,784 43
36,200 Goldman Sachs Group, Inc. 3,777,470 75
29,200 GreenPoint Financial Corporation 1,276,332 25
101,000 J.P. Morgan Chase & Company 4,236,950 84
38,600 Marsh & McLennan Companies, Inc. 1,787,180 36
119,400 MBNA Corporation 3,299,022 65
63,800 Merrill Lynch & Company, Inc. 3,799,928 75
59,700 Morgan Stanley 3,420,810 68
48,800 State Street Corporation 2,543,944 51
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS BLUE CHIP FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials (continued)
91,200 U.S. Bancorp $2,521,680 $50
183,500 UnumProvident Corporation 2,684,605 53
56,200 Wachovia Corporation 2,641,400 52
74,200 Washington Mutual, Inc. 3,169,082 63
92,000 Wells Fargo & Company 5,213,640 103
- ----------------------------------------------------------------------------------------------------------------------
98,442,044 1,951
- ----------------------------------------------------------------------------------------------------------------------
Health Care--14.2%
87,500 Abbott Laboratories 3,596,250 71
70,800 * Amgen, Inc. 4,118,436 82
56,700 * Boston Scientific Corporation 2,402,946 48
36,600 Cardinal Health, Inc. 2,521,740 50
46,400 Eli Lilly & Company 3,104,160 61
23,400 * Forest Laboratories, Inc. 1,675,908 33
14,700 * Genentech, Inc. 1,555,554 31
31,700 Guidant Corporation 2,008,829 40
164,400 Johnson & Johnson 8,338,368 165
40,400 McKesson Corporation 1,215,636 24
89,900 Medtronic, Inc. 4,292,725 85
90,800 Merck & Company, Inc. 4,012,452 79
92,200 Novartis AG (ADR) 3,927,720 78
418,100 * Orthodontic Centers of America, Inc. 3,302,990 65
436,060 Pfizer, Inc. 15,283,903 303
90,700 * Province Healthcare Company 1,442,130 29
23,500 Teva Pharmaceutical Industries, Ltd. (ADR) 1,490,135 30
50,700 UnitedHealth Group, Inc. 3,267,108 65
14,800 * Varian Medical Systems, Inc. 1,277,388 25
80,800 Wyeth 3,034,040 60
- ----------------------------------------------------------------------------------------------------------------------
71,868,418 1,424
- ----------------------------------------------------------------------------------------------------------------------
Industrials--10.7%
49,800 3M Company 4,077,126 81
33,100 Avery Dennison Corporation 2,059,151 41
29,800 Caterpillar, Inc. 2,356,286 47
104,700 * Cendant Corporation 2,553,633 50
22,000 Danaher Corporation 2,054,140 41
30,400 Emerson Electric Company 1,821,568 36
421,200 General Electric Company 12,855,024 255
55,100 Honeywell International, Inc. 1,865,135 37
43,400 ITT Industries, Inc. 3,312,722 66
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Industrials (continued)
62,600 Lockheed Martin Corporation $2,857,064 $57
89,600 Masco Corporation 2,726,528 54
25,000 Northrop Grumman Corporation 2,460,500 49
59,000 SPX Corporation 2,683,320 53
97,400 Tyco International, Ltd. 2,790,510 55
25,800 Union Pacific Corporation 1,543,356 30
30,000 United Parcel Service, Inc. - Class "B" 2,095,200 42
45,800 United Technologies Corporation 3,952,540 78
- ----------------------------------------------------------------------------------------------------------------------
54,063,803 1,072
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--18.3%
22,200 * Amdocs, Ltd. 616,938 12
43,000 Analog Devices, Inc. 2,064,430 41
117,000 * Applied Materials, Inc. 2,501,460 50
41,500 Automatic Data Processing, Inc. 1,743,000 34
67,500 * Checkpoint Systems, Inc. 1,275,750 25
428,600 * Cisco Systems, Inc. 10,080,672 200
36,700 * Computer Sciences Corporation 1,480,111 29
58,400 * Comverse Technology, Inc. 1,059,376 21
181,400 * Dell, Inc. 6,098,668 121
178,600 * EMC Corporation 2,430,746 48
82,800 First Data Corporation 3,490,848 69
170,200 Hewlett-Packard Company 3,887,368 77
406,600 Intel Corporation 11,059,520 219
70,200 International Business Machines Corporation 6,447,168 128
19,900 * Intuit, Inc. 893,112 18
45,600 * Jabil Circuit, Inc. 1,342,008 26
593,500 Microsoft Corporation 14,819,695 294
120,900 Motorola, Inc. 2,127,840 42
95,900 Nokia Corporation - Class "A" (ADR) 1,944,852 39
132,900 * Nortel Networks Corporation 789,426 16
51,600 * NVIDIA Corporation 1,366,884 27
272,100 * Oracle Corporation 3,267,921 65
38,400 QUALCOMM, Inc. 2,550,528 50
35,600 * Symantec Corporation 1,648,280 33
172,152 * Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 1,797,267 36
134,000 Texas Instruments, Inc. 3,915,480 77
146,700 * Western Digital Corporation 1,647,441 33
- ----------------------------------------------------------------------------------------------------------------------
92,346,789 1,830
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS BLUE CHIP FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Materials--2.9%
66,200 Alcoa, Inc. $2,296,478 $45
39,200 Dow Chemical Company 1,578,976 31
56,200 Du Pont (E.I.) de Nemours & Company 2,372,764 47
88,300 Georgia-Pacific Corporation 2,974,827 59
38,000 International Paper Company 1,605,880 32
87,100 Newmont Mining Corporation 4,061,473 80
- ----------------------------------------------------------------------------------------------------------------------
14,890,398 294
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--2.4%
62,000 BellSouth Corporation 1,716,780 34
68,800 * Nextel Communications, Inc. - Class "A" 1,701,424 34
129,100 SBC Communications, Inc. 3,168,114 63
96,600 Verizon Communications, Inc. 3,529,764 70
74,700 Vodafone Group PLC (ADR) 1,785,330 35
- ----------------------------------------------------------------------------------------------------------------------
11,901,412 236
- ----------------------------------------------------------------------------------------------------------------------
Utilities--1.6%
147,100 Duke Energy Corporation 3,324,460 66
41,400 Exelon Corporation 2,851,218 57
78,700 ONEOK, Inc. 1,774,685 35
- ----------------------------------------------------------------------------------------------------------------------
7,950,363 158
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $374,817,916) 490,556,998 9,722
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--2.4%
$3,400M AIG Funding Corp., .99%, 4/5/04 3,399,626 67
4,100M Coca-Cola Co., .99%, 4/13/04 4,098,647 81
4,400M General Electric Capital Corp., 1%, 4/15/04 4,398,289 87
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $11,896,562) 11,896,562 235
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT
OBLIGATIONS--.2%
$1,200M U.S. Treasury Bills, .94%, 4/15/04 (cost $1,199,561) $1,199,561 $24
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $387,914,039) 99.8% 503,653,121 9,981
Other Assets, Less Liabilities .2 938,071 19
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $504,591,192 $10,000
======================================================================================================================
* Non-income producing
Summary of Abbreviations:
ADR American Depositary Receipts
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS GROWTH & INCOME FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--97.1%
Consumer Discretionary--15.7%
27,200 * American Eagle Outfitters, Inc. $733,312 $13
30,000 Best Buy Company, Inc. 1,551,600 27
212,500 Blockbuster, Inc. - Class "A" 3,718,750 64
50,000 Clear Channel Communications, Inc. 2,117,500 37
100,000 * Comcast Corporation - Special Class "A" 2,788,000 48
80,000 * Concord Camera Corporation 502,400 9
130,000 * Fox Entertainment Group, Inc. - Class "A" 3,523,000 61
174,600 * GameStop Corporation - Class "A" 3,146,292 54
200,000 Gap, Inc. 4,384,000 76
50,000 Genuine Parts Company 1,636,000 28
70,000 GTECH Holdings Corporation 4,139,800 72
85,000 Harley-Davidson, Inc. 4,533,900 78
109,400 Hasbro, Inc. 2,379,450 41
230,100 * Hollywood Entertainment Corporation 3,120,156 54
100,000 Home Depot, Inc. 3,736,000 65
175,000 J.C. Penney Company, Inc. (Holding Company) 6,086,500 105
60,000 Lear Corporation 3,717,600 64
210,000 Leggett & Platt, Inc. 4,979,100 86
1,200 Lifetime Hoan Corporation 21,012 --
165,000 Mattel, Inc. 3,042,600 53
250,000 McDonald's Corporation 7,142,500 123
120,000 Newell Rubbermaid, Inc. 2,784,000 48
265,300 * Office Depot, Inc. 4,992,946 86
210,000 Pier 1 Imports, Inc. 4,977,000 86
149,300 Polo Ralph Lauren Corporation - Class "A" 5,118,004 89
80,000 Ross Stores, Inc. 2,448,800 42
28,800 Sherwin-Williams Company 1,106,784 19
60,000 Viacom, Inc. - Class "B" 2,352,600 41
- ----------------------------------------------------------------------------------------------------------------------
90,779,606 1,569
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--7.9%
100,000 Altria Group, Inc. 5,445,000 94
83,300 American Italian Pasta Company - Class "A" 3,326,169 57
82,000 Anheuser-Busch Companies, Inc. 4,182,000 72
50,000 Bunge, Ltd. 2,011,000 35
140,000 Coca-Cola Enterprises, Inc. 3,383,800 58
60,000 * Costco Wholesale Corporation 2,253,600 39
66,000 CVS Corporation 2,329,800 40
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples (continued)
129,700 Hormel Foods Corporation $3,804,101 $66
62,500 Kimberly-Clark Corporation 3,943,750 68
75,000 Pepsi Bottling Group, Inc. 2,231,250 39
50,000 PepsiCo, Inc. 2,692,500 47
55,000 Procter & Gamble Company 5,768,400 100
75,000 Wal-Mart Stores, Inc. 4,476,750 77
- ----------------------------------------------------------------------------------------------------------------------
45,848,120 792
- ----------------------------------------------------------------------------------------------------------------------
Energy--6.4%
107,500 Anadarko Petroleum Corporation 5,574,950 96
60,000 ConocoPhillips 4,188,600 73
60,000 Diamond Offshore Drilling, Inc. 1,451,400 25
67,500 EOG Resources, Inc. 3,097,575 53
150,000 ExxonMobil Corporation 6,238,500 108
80,000 * Noble Corporation 3,073,600 53
175,000 Suncor Energy, Inc. 4,786,250 83
155,000 * Transocean, Inc. 4,322,950 75
164,375 XTO Energy, Inc. 4,148,825 72
- ----------------------------------------------------------------------------------------------------------------------
36,882,650 638
- ----------------------------------------------------------------------------------------------------------------------
Financials--20.9%
100,000 ACE, Ltd. 4,266,000 74
70,000 American Express Company 3,629,500 63
70,000 American International Group, Inc. 4,994,500 86
130,000 AmSouth Bancorporation 3,056,300 53
45,000 Bank of America Corporation 3,644,100 63
60,000 Bear Stearns Companies, Inc. 5,260,800 91
150,000 Citigroup, Inc. 7,755,000 134
102,900 Endurance Specialty Holdings, Ltd. 3,657,066 63
50,000 Fannie Mae 3,717,500 64
115,000 FleetBoston Financial Corporation 5,163,500 89
50,000 GreenPoint Financial Corporation 2,185,500 38
155,000 J.P. Morgan Chase & Company 6,502,250 112
47,500 Lehman Brothers Holdings, Inc. 3,936,325 68
120,000 Lincoln National Corporation 5,678,400 98
100,000 Marsh & McLennan Companies, Inc. 4,630,000 80
170,000 MBNA Corporation 4,697,100 81
35,000 Merrill Lynch & Company, Inc. 2,084,600 36
100,000 Montpelier Re Holdings, Ltd. 3,724,000 64
30,700 Morgan Stanley 1,759,110 31
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS GROWTH & INCOME FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials (continued)
113,333 New York Community Bancorp, Inc. $3,885,055 $67
165,000 Old Republic International Corporation 4,052,400 70
2,000 * Piper Jaffray Companies, Inc. 108,300 2
75,000 Plum Creek Timber Company, Inc. (REIT) 2,436,000 42
75,000 SouthTrust Corporation 2,487,000 43
200,000 Sovereign Bancorp, Inc. 4,284,000 74
35,000 St. Paul Companies, Inc. 1,400,350 24
200,000 U.S. Bancorp 5,530,000 96
140,000 Wachovia Corporation 6,580,000 114
125,000 Washington Mutual, Inc. 5,338,750 92
70,000 Wells Fargo & Company 3,966,900 69
18,300 Willis Group Holdings, Ltd. 680,760 12
- ----------------------------------------------------------------------------------------------------------------------
121,091,066 2,093
- ----------------------------------------------------------------------------------------------------------------------
Health Care--10.2%
160,000 Abbott Laboratories 6,576,000 113
40,000 * Accredo Health, Inc. 1,524,000 26
35,000 AmerisourceBergen Corporation 1,913,800 33
46,700 * Amgen, Inc. 2,716,539 47
86,250 * Barr Laboratories, Inc. 3,958,875 68
165,000 * Boston Scientific Corporation 6,992,700 121
30,000 Eli Lilly & Company 2,007,000 35
10,000 * Genentech, Inc. 1,058,200 18
80,000 Guidant Corporation 5,069,600 88
100,000 Johnson & Johnson 5,072,000 88
52,800 * Laboratory Corporation of America Holdings 2,072,400 36
50,000 Medtronic, Inc. 2,387,500 41
60,000 Merck & Company, Inc. 2,651,400 46
300,000 Pfizer, Inc. 10,515,000 182
120,000 Wyeth 4,506,000 78
- ----------------------------------------------------------------------------------------------------------------------
59,021,014 1,020
- ----------------------------------------------------------------------------------------------------------------------
Industrials--11.9%
62,000 3M Company 5,075,940 88
150,000 * AGCO Corporation 3,106,500 54
50,400 Alexander & Baldwin, Inc. 1,667,232 29
100,000 American Power Conversion Corporation 2,301,000 40
30,000 Caterpillar, Inc. 2,372,100 41
100,000 Cendant Corporation 2,439,000 42
121,000 Chicago Bridge & Iron Company NV - NY Shares 3,367,430 58
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Industrials (continued)
36,000 Eaton Corporation $2,022,840 $35
60,000 Engineered Support Systems, Inc. 2,927,400 51
50,000 Harsco Corporation 2,275,000 39
90,000 Honeywell International, Inc. 3,046,500 53
60,000 Lockheed Martin Corporation 2,738,400 47
215,000 Masco Corporation 6,542,450 113
55,000 Northrop Grumman Corporation 5,413,100 94
52,200 Pall Corporation 1,184,418 20
200,000 * Pinnacle Airlines Corporation 2,660,000 46
115,000 Pitney Bowes, Inc. 4,900,150 85
90,000 Rockwell Automation, Inc. 3,120,300 54
115,800 SPX Corporation 5,266,584 91
35,200 Textron, Inc. 1,870,880 32
55,200 United Technologies Corporation 4,763,760 82
- ----------------------------------------------------------------------------------------------------------------------
69,060,984 1,194
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--15.7%
15,000 Analog Devices, Inc. 720,150 13
50,000 * Applied Materials, Inc. 1,069,000 19
100,000 Autodesk, Inc. 3,162,000 55
200,000 * Cisco Systems, Inc. 4,704,000 81
60,000 Diebold, Inc. 2,887,200 50
85,000 * Electronics for Imaging, Inc. 2,088,450 36
350,000 * EMC Corporation 4,763,500 82
665,000 * Entrust, Inc. 2,906,050 50
163,000 First Data Corporation 6,872,080 119
200,000 Hewlett-Packard Company 4,568,000 79
175,000 Intel Corporation 4,760,000 82
80,000 Intersil Corporation - Class "A" 1,783,200 31
50,000 * Intuit, Inc. 2,244,000 39
190,000 * ManTech International Corporation - Class "A" 3,893,100 67
350,000 Microsoft Corporation 8,739,500 151
170,000 * Network Associates, Inc. 3,060,000 53
236,000 Nokia Corporation - Class "A" (ADR) 4,786,080 83
500,000 * Nortel Networks Corporation 2,970,000 51
90,000 QUALCOMM, Inc. 5,977,800 103
100,000 * SanDisk Corporation 2,837,000 49
125,000 * Storage Technology Corporation 3,478,750 60
250,000 * Sun Microsystems, Inc. 1,040,000 18
162,000 * Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 1,691,280 29
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS GROWTH & INCOME FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
80,000 * Tech Data Corporation $3,275,200 $57
140,000 * Thermo Electron Corporation 3,959,200 68
100,000 * Western Digital Corporation 1,123,000 19
35,000 * Xilinx, Inc. 1,330,000 23
- ----------------------------------------------------------------------------------------------------------------------
90,688,540 1,567
- ----------------------------------------------------------------------------------------------------------------------
Materials--4.7%
65,000 Dow Chemical Company 2,618,200 45
100,000 Freeport-McMoRan Copper & Gold, Inc. - Class "B" 3,909,000 68
90,000 Georgia-Pacific Corporation 3,032,100 52
121,500 Lubrizol Corporation 3,826,035 66
45,000 PPG Industries, Inc. 2,623,500 45
60,000 Praxair, Inc. 2,227,200 39
189,000 RPM International, Inc. 3,126,060 54
55,300 United States Steel Corporation 2,061,031 36
53,400 Weyerhaeuser Company 3,497,700 60
- ----------------------------------------------------------------------------------------------------------------------
26,920,826 465
- ----------------------------------------------------------------------------------------------------------------------
Other--1.2%
90,000 Nasdaq--100 Index Tracking Stock 3,219,300 56
35,000 SPDR Trust - Series "1" 3,953,950 68
- ----------------------------------------------------------------------------------------------------------------------
7,173,250 124
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--1.1%
140,000 SBC Communications, Inc. 3,435,600 60
75,000 Verizon Communications, Inc. 2,740,500 47
- ----------------------------------------------------------------------------------------------------------------------
6,176,100 107
- ----------------------------------------------------------------------------------------------------------------------
Utilities--1.4%
75,000 Consolidated Edison, Inc. 3,307,500 57
42,000 Dominion Resources, Inc. 2,700,600 47
90,000 ONEOK, Inc. 2,029,500 35
- ----------------------------------------------------------------------------------------------------------------------
8,037,600 139
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $433,036,581) 561,679,756 9,708
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--2.8%
Financials--1.7%
Chubb Corporation:
90,800 7%, 2005 - Series "A" $2,587,800 $45
50,000 7%, 2006 - Series "B" 1,456,250 25
97,000 Hartford Financial Services Group, Inc.,
6%, 2006 - Class "A" 6,033,400 104
- ----------------------------------------------------------------------------------------------------------------------
10,077,450 174
- ----------------------------------------------------------------------------------------------------------------------
Health Care--.2%
16,000 Baxter International, Inc., 7%, 2006 864,000 15
- ----------------------------------------------------------------------------------------------------------------------
Industrials--.2%
10,000 Northrop Grumman Corporation, 7.25%, 2004 1,033,800 18
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--.7%
80,000 ALLTEL Corporation, 7.75%, 2005 4,057,600 70
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Convertible Preferred Stocks (cost $13,640,693) 16,032,850 277
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--.4%
$2,400M General Electric Capital Corp., 1%, 4/16/04
(cost $2,399,000) 2,399,000 41
- ----------------------------------------------------------------------------------------------------------------------
SHORT TERM U.S. GOVERNMENT
AGENCY OBLIGATIONS--.2%
1,100M Federal Home Loan Bank, .975%, 4/16/04
(cost $1,099,553) 1,099,553 19
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $450,175,827) 100.5% 581,211,159 10,045
Excess Of Liabilities Over Other Assets (.5) (2,620,480) (45)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $578,590,679 $10,000
======================================================================================================================
* Non-income producing
Summary of Abbreviations:
ADR American Depositary Receipts
REIT Real Estate Investment Trust
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS ALL-CAP GROWTH FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--97.4%
Consumer Discretionary--13.8%
12,300 * A.C. Moore Arts & Crafts, Inc. $332,100 $25
87,430 * Comcast Corporation - Special Class "A" 2,437,548 186
54,540 * eBay, Inc. 3,781,258 288
14,800 * EchoStar Communications Corporation - Class "A" 484,700 37
33,980 * Fleetwood Enterprises, Inc. 417,274 32
16,400 Lennar Corporation 886,092 68
24,750 Lowe's Companies, Inc. 1,389,217 106
6,424 M.D.C. Holdings, Inc. 452,250 35
21,000 Michaels Stores, Inc. 1,021,020 78
47,210 Omnicom Group, Inc. 3,788,603 289
18,950 * Scientific Games Corporation - Class "A" 354,744 27
139,250 * Sirius Satellite Radio, Inc. 473,450 36
40,400 * TiVo, Inc. 359,156 27
37,400 * Univision Communications, Inc. - Class "A" 1,234,574 94
5,020 * Wynn Resorts, Ltd. 175,700 13
20,000 * XM Satellite Radio Holdings, Inc. - Class "A" 560,000 43
- ----------------------------------------------------------------------------------------------------------------------
18,147,686 1,384
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--.2%
20,020 * SunOpta, Inc. 197,998 15
- ----------------------------------------------------------------------------------------------------------------------
Energy--1.8%
8,710 Cabot Oil & Gas Corporation 266,178 20
12,500 EOG Resources, Inc. 573,625 44
27,600 * Key Energy Services, Inc. 303,600 23
29,700 OMI Corporation 339,768 26
14,510 * Whiting Petroleum Corporation 342,291 26
19,875 XTO Energy, Inc. 501,645 38
- ----------------------------------------------------------------------------------------------------------------------
2,327,107 177
- ----------------------------------------------------------------------------------------------------------------------
Financials--10.2%
5,295 * Affiliated Managers Group, Inc. 289,001 22
5,270 * Arch Capital Group, Ltd. 221,498 17
66,550 Citigroup, Inc. 3,440,635 262
70,870 Countrywide Financial Corporation 6,796,433 518
11,140 Fannie Mae 828,259 63
12,800 IndyMac Bancorp, Inc. 464,512 36
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials (continued)
9,400 Legg Mason, Inc. $872,132 $66
7,400 Moody's Corporation 523,920 40
- ----------------------------------------------------------------------------------------------------------------------
13,436,390 1,024
- ----------------------------------------------------------------------------------------------------------------------
Health Care--19.9%
26,680 Abbott Laboratories 1,096,548 84
17,140 * Abgenix, Inc. 227,791 17
89,390 AstraZeneca PLC (ADR) 4,177,195 318
20,860 Cardinal Health, Inc. 1,437,254 110
12,600 * Cephalon, Inc. 722,106 55
61,090 Eli Lilly & Company 4,086,921 312
31,970 * Forest Laboratories, Inc. 2,289,691 175
82,920 Guidant Corporation 5,254,640 401
5,100 * Kinetic Concepts, Inc. 228,735 17
70,900 * Medco Health Solutions, Inc. 2,410,600 184
14,990 * Medicines Company 482,828 37
26,470 Medtronic, Inc. 1,263,943 96
34,500 * Millennium Pharmaceuticals, Inc. 583,050 44
13,730 * NPS Pharmaceuticals, Inc. 391,992 30
15,500 * Psychiatric Solutions, Inc. 290,625 22
58,160 * Service Corporation International 434,455 33
6,500 * Symbion, Inc. 118,040 9
15,500 * Watson Pharmaceuticals, Inc. 663,245 51
- ----------------------------------------------------------------------------------------------------------------------
26,159,659 1,995
- ----------------------------------------------------------------------------------------------------------------------
Industrials--7.2%
25,900 American Power Conversion Corporation 595,959 45
76,140 * Apollo Group, Inc. - Class "A" 6,556,415 500
20,220 * DiamondCluster International, Inc. 195,730 15
16,630 * Navigant Consulting, Inc. 336,425 26
12,300 Parker-Hannifin Corporation 694,950 53
14,600 Rockwell Collins, Inc. 461,506 35
15,700 * Sirva, Inc. 378,684 29
6,020 * Yellow Roadway Corporation 202,693 15
- ----------------------------------------------------------------------------------------------------------------------
9,422,362 718
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--41.9%
17,700 Acxiom Corporation 388,692 30
47,010 * Aeroflex, Inc. 632,755 48
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS ALL-CAP GROWTH FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
26,400 * Altera Corporation $539,880 $41
27,100 * Amdocs, Ltd. 753,109 58
78,040 Analog Devices, Inc. 3,746,700 286
31,308 * ASML Holding NV - NY Shares 573,876 44
34,300 * BEA Systems, Inc. 437,668 33
36,230 * BISYS Group, Inc. 607,215 46
332,850 * Corning, Inc. 3,721,263 284
153,670 * Dell, Inc. 5,166,385 394
42,430 * Electronic Arts, Inc. 2,289,523 174
173,130 * EMC Corporation 2,356,299 180
115,060 First Data Corporation 4,850,930 370
16,380 * Genesis Microchip, Inc. 274,529 21
23,400 * Intuit, Inc. 1,050,192 80
39,830 * KLA-Tencor Corporation 2,005,441 153
87,330 * MEMC Electronic Materials, Inc. 799,069 61
9,900 * Mercury Interactive Corporation 443,520 34
96,480 Microsoft Corporation 2,409,106 184
44,600 * MPS Group, Inc. 495,952 38
8,000 * Network Appliance, Inc. 171,600 13
17,130 * Network Associates, Inc. 308,340 23
69,180 * ON Semiconductor Corporation 521,617 40
17,300 * Pixelworks, Inc. 296,349 22
7,480 * Plantronics, Inc. 273,843 21
18,540 * Polycom, Inc. 393,604 30
67,820 * Red Hat, Inc. 1,550,365 118
32,800 * Research in Motion, Ltd. 3,060,568 233
9,460 * SafeNet, Inc. 355,128 27
30,740 SAP AG (ADR) 1,208,389 92
40,740 * Sapient Corporation 245,662 19
16,670 * SERENA Software, Inc. 339,235 26
36,200 * SkillSoft PLC (ADR) 466,980 35
87,330 * Symantec Corporation 4,043,379 308
40,800 * VeriSign, Inc. 676,872 52
14,700 * Waters Corporation 600,348 46
62,420 * Xilinx, Inc. 2,371,960 181
93,020 * Yahoo!, Inc. 4,519,842 345
- ----------------------------------------------------------------------------------------------------------------------
54,946,185 4,190
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Materials--.4%
15,360 Arch Coal, Inc. $482,150 $37
- ----------------------------------------------------------------------------------------------------------------------
Other--.3%
5,600 iShares Russell 2000 Growth Index Fund 349,440 27
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--1.7%
69,190 * American Tower Corporation - Class "A" 785,306 60
61,770 * Crown Castle International Corporation 780,155 59
27,400 * Nextel Communications, Inc. - Class "A" 677,602 52
- ----------------------------------------------------------------------------------------------------------------------
2,243,063 171
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $105,302,966) 127,712,040 9,738
- ----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--2.7%
$3,542M BNP Paribas, 1%, dated 3/31/04, to be repurchased
at $3,542,098 on 4/1/04 (collateralized by
U.S. Treasury Notes, 2.125%, 10/31/04,
valued at $3,613,312) (cost $3,542,000) 3,542,000 270
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $108,844,966) 100.1% 131,254,040 10,008
Excess of Liabilities Over Other Assets (.1) (100,167) (8)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $131,153,873 $10,000
======================================================================================================================
* Non-income producing
Summary of Abbreviations:
ADR American Depositary Receipts
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS MID-CAP OPPORTUNITY FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--99.9%
Consumer Discretionary--18.1%
70,000 * American Axle & Manufacturing Holdings, Inc. $2,579,500 $85
27,200 * American Eagle Outfitters, Inc. 733,312 24
37,500 Applebee's International, Inc. 1,550,625 51
45,000 * Barnes & Noble, Inc. 1,467,000 48
105,000 Blockbuster, Inc. - Class "A" 1,837,500 61
17,500 BorgWarner, Inc. 1,484,525 49
35,000 * Chico's FAS, Inc. 1,624,000 54
45,000 * Coach, Inc. 1,844,550 61
150,000 * Concord Camera Corporation 942,000 31
40,150 D.R. Horton, Inc. 1,422,514 47
220,000 * GameStop Corporation - Class "A" 3,964,400 131
30,000 GTECH Holdings Corporation 1,774,200 58
52,100 Hasbro, Inc. 1,133,175 37
115,000 * Hollywood Entertainment Corporation 1,559,400 51
40,000 Landry's Restaurants, Inc. 1,193,200 39
30,000 Lear Corporation 1,858,800 61
80,000 Leggett & Platt, Inc. 1,896,800 63
45,000 Mattel, Inc. 829,800 27
17,500 Michaels Stores, Inc. 850,850 28
75,000 Movie Gallery, Inc. 1,469,250 48
137,000 * Office Depot, Inc. 2,578,340 85
140,000 Pier 1 Imports, Inc. 3,318,000 109
66,100 Polo Ralph Lauren Corporation - Class "A" 2,265,908 75
140,000 * Quicksilver, Inc. 3,059,000 101
70,000 Regis Corporation 3,110,800 102
50,000 Ross Stores, Inc. 1,530,500 50
50,000 * Scientific Games Corporation - Class "A" 936,000 31
27,500 Tiffany & Company 1,049,675 35
62,800 TJX Companies, Inc. 1,542,368 51
50,000 * Tuesday Morning Corporation 1,723,000 57
50,000 Tupperware Corporation 890,500 29
30,000 * Williams-Sonoma, Inc. 1,026,000 34
- ----------------------------------------------------------------------------------------------------------------------
55,045,492 1,813
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--6.0%
25,000 Altria Group, Inc. 1,361,250 45
200,000 * Chiquita Brands International, Inc. 4,170,000 137
85,000 Coca-Cola Enterprises, Inc. 2,054,450 67
52,500 * Dean Foods Company 1,753,500 58
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples (continued)
41,800 * Duane Reade, Inc. $708,092 $23
50,500 Hormel Foods Corporation 1,481,165 49
55,000 Pepsi Bottling Group, Inc. 1,636,250 54
60,000 * Performance Food Group Company 2,061,000 68
105,000 * Smithfield Foods, Inc. 2,847,600 94
- ----------------------------------------------------------------------------------------------------------------------
18,073,307 595
- ----------------------------------------------------------------------------------------------------------------------
Energy--7.0%
50,000 Anadarko Petroleum Corporation 2,593,000 86
47,600 EOG Resources, Inc. 2,184,364 72
20,000 * Patterson-UTI Energy, Inc. 708,200 23
95,200 Suncor Energy, Inc. 2,603,720 86
47,500 Talisman Energy, Inc. 2,801,075 92
50,000 * Tom Brown, Inc. 1,880,000 62
77,500 * Transocean, Inc. 2,161,475 71
50,000 * Weatherford International, Ltd. 2,101,500 69
74,400 * Willbros Group, Inc. 1,116,744 37
116,666 XTO Energy, Inc. 2,944,650 97
- ----------------------------------------------------------------------------------------------------------------------
21,094,728 695
- ----------------------------------------------------------------------------------------------------------------------
Financials--20.1%
45,000 ACE, Ltd. 1,919,700 63
40,000 Ambac Financial Group, Inc. 2,951,200 97
25,000 Astoria Financial Corporation 950,750 31
80,000 Banknorth Group, Inc. 2,723,200 90
37,500 Bear Stearns Companies, Inc. 3,288,000 108
60,000 Charter One Financial, Inc. 2,121,600 70
37,488 Citigroup, Inc. 1,938,130 64
30,000 City National Corporation 1,797,000 59
33,400 Compass Bancshares, Inc. 1,385,098 46
20,000 * Conseco, Inc. 463,200 15
56,250 Doral Financial Corporation 1,980,000 65
27,000 Endurance Specialty Holdings, Ltd. 959,580 32
35,000 Greater Bay Bancorp 1,023,750 34
57,500 GreenPoint Financial Corporation 2,513,325 83
20,000 Hilb, Rogal & Hamilton Company 762,000 25
95,000 Hub International, Ltd. 1,743,250 58
22,500 Independence Community Bank Corporation 916,875 30
55,000 KeyCorp 1,665,950 55
50,000 Montpelier Re Holdings, Ltd. 1,862,000 61
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS MID-CAP OPPORTUNITY FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials (continued)
36,500 National Commerce Financial Corporation $1,044,265 $35
66,666 New York Community Bancorp, Inc. 2,285,310 75
42,500 North Fork Bancorporation, Inc. 1,798,600 59
96,600 Old Republic International Corporation 2,372,496 78
44,400 PartnerRe, Ltd. 2,506,380 83
51,400 Principal Financial Group, Inc. 1,831,382 60
65,000 Protective Life Corporation 2,434,250 80
40,000 Provident Financial Services, Inc. 747,600 25
35,000 Reinsurance Group of America, Inc. 1,433,950 47
60,000 Seacoast Financial Services Corporation 2,010,000 66
400 * Signature Bank 8,360 1
45,000 South Financial Group, Inc. 1,331,550 44
105,000 Sovereign Bancorp, Inc. 2,249,100 74
21,000 TCF Financial Corporation 1,072,470 35
81,500 Willis Group Holdings, Ltd. 3,031,800 100
33,000 Zions Bancorporation 1,887,600 62
- ----------------------------------------------------------------------------------------------------------------------
61,009,721 2,010
- ----------------------------------------------------------------------------------------------------------------------
Health Care--14.0%
44,150 * Accredo Health, Inc. 1,682,115 56
28,000 Aetna, Inc. 2,512,160 83
25,000 AmerisourceBergen Corporation 1,367,000 45
70,000 * Andrx Corporation 1,904,000 63
25,000 * Anthem, Inc. 2,266,000 75
30,000 * Barr Laboratories, Inc. 1,377,000 45
42,500 Beckman Coulter, Inc. 2,317,950 76
40,000 Biomet, Inc. 1,534,400 51
130,000 * Caremark Rx, Inc. 4,322,500 142
153,000 * Centene Corporation 4,680,270 154
52,500 * Charles River Laboratories International, Inc. 2,249,625 74
40,000 DENTSPLY International, Inc. 1,773,200 58
10,000 * Express Scripts, Inc. 745,900 25
17,000 * Forest Laboratories, Inc. 1,217,540 40
25,000 * Gilead Sciences, Inc. 1,394,250 46
35,000 * Henry Schein, Inc. 2,499,700 82
35,000 * IDX Systems Corporation 1,211,000 40
50,000 * IMPAC Medical Systems, Inc. 1,125,000 37
35,000 * Impax Laboratories, Inc. 782,950 26
35,000 * Laboratory Corporation of America Holdings 1,373,750 45
7,500 * Molina Healthcare, Inc. 219,900 7
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care (continued)
12,600 * Neurocrine Biosciences, Inc. $744,660 $25
100,000 * Province Healthcare Company 1,590,000 52
11,912 Teva Pharmaceutical Industries, Ltd. (ADR) 755,340 25
27,500 * Triad Hospitals, Inc. 847,550 28
- ----------------------------------------------------------------------------------------------------------------------
42,493,760 1,400
- ----------------------------------------------------------------------------------------------------------------------
Industrials--11.9%
100,000 * AGCO Corporation 2,071,000 68
100,000 American Power Conversion Corporation 2,301,000 76
29,300 Avery Dennison Corporation 1,822,753 60
93,500 Chicago Bridge & Iron Company NV - NY Shares 2,602,105 86
23,333 * ChoicePoint, Inc. 887,354 29
50,000 Donaldson Company, Inc. 1,326,500 44
29,600 Expeditors International of Washington, Inc. 1,168,904 38
30,000 FedEx Corporation 2,254,800 74
20,000 * Jacobs Engineering Group, Inc. 892,000 29
44,500 L-3 Communications Holdings, Inc. 2,646,860 87
35,000 Manpower, Inc. 1,627,500 54
91,400 Masco Corporation 2,781,302 92
86,200 * Mobile Mini, Inc. 1,491,260 49
37,500 Northrop Grumman Corporation 3,690,750 122
100,000 * Pinnacle Airlines Corporation 1,330,000 44
30,900 Rockwell Automation, Inc. 1,071,303 35
62,500 * Shaw Group, Inc. 677,500 22
59,300 SPX Corporation 2,696,964 89
20,000 Textron, Inc. 1,063,000 35
57,600 * United Defense Industries, Inc. 1,831,104 60
- ----------------------------------------------------------------------------------------------------------------------
36,233,959 1,193
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--15.7%
80,000 * Advanced Digital Information Corporation 910,400 30
60,200 * Amphenol Corporation - Class "A" 1,787,940 59
60,000 Autodesk, Inc. 1,897,200 63
75,000 * BearingPoint, Inc. 804,000 27
37,500 * CheckFree Corporation 1,104,750 36
125,000 * Comverse Technology, Inc. 2,267,500 75
103,000 * DigitalNet Holdings, Inc. 2,101,200 69
45,000 * DST Systems, Inc. 2,040,750 67
50,000 * Electronics for Imaging, Inc. 1,228,500 41
71,250 Fair Isaac Corporation 2,570,700 85
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS MID-CAP OPPORTUNITY FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
27,900 * International Rectifier Corporation $1,283,121 $42
50,000 Intersil Corporation - Class "A" 1,114,500 37
62,500 * Intuit, Inc. 2,805,000 92
205,600 * Lexar Media, Inc. 3,404,736 112
50,000 * Manhattan Associates, Inc. 1,390,000 46
100,000 * ManTech International Corporation - Class "A" 2,049,000 68
100,000 * Network Associates, Inc. 1,800,000 59
41,300 * Novellus Systems, Inc. 1,312,927 43
25,200 * Rudolph Technologies, Inc. 471,996 16
55,000 * SanDisk Corporation 1,560,350 51
35,000 * Semtech Corporation 799,050 26
80,000 * Storage Technology Corporation 2,226,400 73
75,600 * SunGard Data Systems, Inc. 2,071,440 68
85,000 * Sybase, Inc. 1,784,150 59
100,000 * Tellabs, Inc. 863,000 28
70,000 * Thermo Electron Corporation 1,979,600 65
70,000 * Vishay Intertechnology, Inc. 1,493,800 49
50,000 * Waters Corporation 2,042,000 67
50,000 * Western Digital Corporation 561,500 19
- ----------------------------------------------------------------------------------------------------------------------
47,725,510 1,572
- ----------------------------------------------------------------------------------------------------------------------
Materials--3.8%
57,500 Freeport-McMoRan Copper & Gold, Inc. - Class "B" 2,247,675 74
18,700 Georgia-Pacific Corporation 630,003 21
62,500 * Headwaters, Inc. 1,601,250 53
65,000 Louisiana-Pacific Corporation 1,677,000 55
50,000 Lubrizol Corporation 1,574,500 52
50,000 Praxair, Inc. 1,856,000 61
90,000 Sappi, Ltd. (ADR) 1,228,500 40
21,300 United States Steel Corporation 793,851 26
- ----------------------------------------------------------------------------------------------------------------------
11,608,779 382
- ----------------------------------------------------------------------------------------------------------------------
Other--1.1%
4,000 iShares S&P Midcap 400 Index 482,400 16
25,000 MidCap SPDR Trust - Series "1" 2,756,500 91
- ----------------------------------------------------------------------------------------------------------------------
3,238,900 107
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--2.2%
45,000 AGL Resources, Inc. $1,305,900 $43
40,000 Equitable Resources, Inc. 1,776,800 59
25,400 NSTAR 1,288,288 42
35,000 SCANA Corporation 1,237,250 41
35,000 Wisconsin Energy Corporation 1,125,250 37
- ----------------------------------------------------------------------------------------------------------------------
6,733,488 222
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $236,265,873) 303,257,644 9,989
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--.8%
$2,500M General Electric Capital Corp., 1%, 4/16/04
(cost $2,498,958) 2,498,958 82
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT
AGENCY OBLIGATIONS--.3%
1,000M Federal Home Loan Bank, .975%, 4/16/04
(cost $999,594) 999,594 33
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $239,764,425) 101.0% 306,756,196 10,104
Excess of Liabilities Over Other Assets (1.0) (3,163,766) (104)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $303,592,430 $10,000
======================================================================================================================
* Non-income producing
Summary of Abbreviations:
ADR American Depositary Receipts
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS SPECIAL SITUATIONS FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--96.5%
Consumer Discretionary--15.5%
83,300 * Aeropostale, Inc. $3,020,458 $133
209,800 * Champion Enterprises, Inc. 2,223,880 98
43,100 * Chico's FAS, Inc. 1,999,840 88
18,800 Claire's Stores, Inc. 391,792 17
224,000 * Concord Camera Corporation 1,406,720 62
5,900 * Dick's Sporting Goods, Inc. 343,026 15
45,600 * Emmis Communications Corporation - Class "A" 1,085,736 48
78,000 * Fleetwood Enterprises, Inc. 957,840 42
29,380 Fred's, Inc. - Class "A" 713,053 31
29,300 * Getty Images, Inc. 1,581,614 69
24,600 * Guitar Center, Inc. 913,644 40
93,400 * Jarden Corporation 3,316,634 146
44,550 * Jos. A. Bank Clothiers, Inc. 1,603,800 70
111,400 * Navigant International, Inc. 2,005,200 88
60,300 * Quicksilver, Inc. 1,317,555 58
83,700 * Scientific Games Corporation - Class "A" 1,566,864 69
53,400 * Select Comfort Corporation 1,473,306 65
29,900 * Shuffle Master, Inc. 1,390,051 61
31,500 * Source Interlink Companies, Inc. 393,750 17
22,600 * Sports Authority, Inc. 905,808 40
115,400 * Sunterra Corporation 1,562,516 69
9,800 * Tractor Supply Company 379,456 17
130,800 Triarc Companies, Inc. - Class "B" 1,433,568 63
10,600 * Tuesday Morning Corporation 365,276 16
29,600 * Urban Outfitters, Inc. 1,422,576 62
88,800 * Vail Resorts, Inc. 1,399,488 61
- ----------------------------------------------------------------------------------------------------------------------
35,173,451 1,545
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--1.5%
26,600 * Elizabeth Arden, Inc. 561,792 25
68,500 * NeighborCare, Inc. 1,661,125 73
36,400 * Performance Food Group Company 1,250,340 55
- ----------------------------------------------------------------------------------------------------------------------
3,473,257 153
- ----------------------------------------------------------------------------------------------------------------------
Energy--4.7%
17,700 CARBO Ceramics, Inc. 1,114,215 49
87,900 Chesapeake Energy Corporation 1,177,860 52
105,800 * Energy Partners, Ltd. 1,412,430 62
23,900 Noble Energy, Inc. 1,125,690 49
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Energy (continued)
43,000 * Patterson-UTI Energy, Inc. $1,522,630 $67
56,450 * TETRA Technologies, Inc. 1,475,038 65
27,000 World Fuel Services Corporation 991,710 44
73,541 XTO Energy, Inc. 1,856,175 81
- ----------------------------------------------------------------------------------------------------------------------
10,675,748 469
- ----------------------------------------------------------------------------------------------------------------------
Financials--7.6%
20,400 * Affiliated Managers Group, Inc. 1,113,432 49
24,600 Bank of the Ozarks, Inc. 677,730 30
9,400 Capital Automotive (REIT) 331,914 15
25,200 Capitol Bancorp, Ltd. 682,920 30
62,000 * First Marblehead Corporation 1,825,900 80
51,800 HCC Insurance Holdings, Inc. 1,674,694 74
30,600 Montpelier Re Holdings, Ltd. 1,139,544 50
53,200 Odyssey Re Holdings Corporation 1,436,400 63
62,300 RAIT Investment Trust 1,840,965 81
243,700 Technology Investment Capital Corporation 3,555,583 156
52,800 Thornburg Mortgage, Inc. 1,642,080 72
31,500 Westcorp, Inc. 1,388,205 61
- ----------------------------------------------------------------------------------------------------------------------
17,309,367 761
- ----------------------------------------------------------------------------------------------------------------------
Health Care--19.4%
18,400 * American Healthways, Inc. 449,328 20
44,400 * AmSurg Corporation 1,008,324 44
12,600 * Angiotech Pharmaceuticals, Inc. 307,566 14
63,900 * Axcan Pharma, Inc. 1,217,934 54
71,000 * Centene Corporation 2,171,890 95
146,900 * CollaGenex Pharmaceuticals, Inc. 1,956,708 86
42,800 * CV Therapeutics, Inc. 647,564 28
25,600 * DaVita, Inc. 1,222,400 54
115,100 * Discovery Laboratories, Inc. 1,403,069 62
558,900 * Endocare, Inc. 2,081,902 91
30,000 * Eon Labs, Inc. 2,012,400 88
21,600 * Fisher Scientific International, Inc. 1,188,864 52
23,700 * Gen-Probe, Inc. 791,817 35
45,000 * Hanger Orthopedic Group, Inc. 812,250 36
63,200 * KV Pharmaceutical Company - Class "A" 1,552,192 68
20,900 * Martek Biosciences Corporation 1,191,300 52
53,200 Matthews International Corporation - Class "A" 1,766,240 78
94,500 * Med-Design Corporation 361,935 16
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS SPECIAL SITUATIONS FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care (continued)
29,000 Medicis Pharmaceutical Corporation - Class "A" $1,160,000 $51
20,500 * MGI Pharma, Inc. 1,255,830 55
17,000 * Neurocrine Biosciences, Inc. 1,004,700 44
26,200 * NPS Pharmaceuticals, Inc. 748,010 33
60,775 * Odyssey Healthcare, Inc. 1,145,609 50
38,300 * Onyx Pharmaceuticals, Inc. 1,549,618 68
61,000 PolyMedica Corporation 1,636,020 72
28,400 * Psychiatric Solutions, Inc. 532,500 23
112,900 Select Medical Corporation 1,885,430 83
56,420 * SFBC International, Inc. 1,679,059 74
84,900 * SuperGen, Inc. 1,086,720 48
56,000 * SurModics, Inc. 1,114,960 49
24,600 * Taro Pharmaceuticals Industries, Ltd. 1,426,554 63
194,000 * TriPath Imaging, Inc. 1,777,040 78
55,700 * VCA Antech, Inc. 1,984,591 87
34,700 * VistaCare, Inc. - Class "A" 937,594 41
51,300 * VISX, Inc. 1,001,376 44
- ----------------------------------------------------------------------------------------------------------------------
44,069,294 1,936
- ----------------------------------------------------------------------------------------------------------------------
Industrials--13.7%
62,700 * AGCO Corporation 1,298,517 57
56,700 ALLETE, Inc. 1,989,603 87
51,300 * DRS Technologies, Inc. 1,435,374 63
42,400 * Education Management Corporation 1,349,592 59
53,400 ElkCorp 1,446,606 64
30,500 * ESCO Technologies, Inc. 1,406,660 62
177,300 * EVCI Career Colleges, Inc. 2,271,213 100
65,175 * Genesee & Wyoming, Inc. - Class "A" 1,609,822 71
49,200 * II-VI, Inc. 1,202,940 53
165,800 * Kansas City Southern 2,304,620 101
93,600 * KVH Industries, Inc. 1,348,776 59
120,200 * Labor Ready, Inc. 1,625,104 71
74,400 * Laidlaw International, Inc. 1,082,520 48
41,850 * Marten Transport, Ltd. 795,150 35
57,600 * MTC Technologies, Inc. 1,446,336 64
18,200 * Old Dominion Freight Line, Inc. 613,340 27
41,300 Oshkosh Truck Corporation 2,300,410 101
59,900 * Pinnacle Airlines Corporation 796,670 35
87,000 * SI International, Inc. 2,009,700 88
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Industrials (continued)
90,700 United Industrial Corporation $1,717,858 $75
84,000 Wabtec Corporation 1,196,160 53
- ----------------------------------------------------------------------------------------------------------------------
31,246,971 1,373
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--30.0%
136,300 * Advanced Digital Information Corporation 1,551,094 68
87,300 * Aspect Communications Corporation 1,367,991 60
63,300 * ATMI, Inc. 1,666,056 73
63,400 * Autobytel, Inc. 836,880 37
77,400 BEI Technologies, Inc. 1,738,404 76
137,900 * Bell Microproducts, Inc. 992,880 44
63,000 * Catapult Communications Corporation 1,123,227 49
38,500 * CheckFree Corporation 1,134,210 50
22,100 * Cherokee International Corporation 318,240 14
36,300 * Cognizant Technology Solutions
Corporation - Class "A" 1,642,575 72
223,800 * Conexant Systems, Inc. 1,378,608 61
60,200 * Digital River, Inc. 1,409,282 62
43,600 * Digital Theater Systems, Inc. 1,117,468 49
45,400 * DSP Group, Inc. 1,168,142 51
80,600 * eCollege.com, Inc. 1,682,928 74
44,300 * Electronics for Imaging, Inc. 1,088,451 48
35,300 * Embarcadero Technologies, Inc. 453,252 20
104,000 * Epicor Software Corporation 1,380,080 61
12,000 * Excel Technology, Inc. 377,400 17
25,800 FactSet Research Systems, Inc. 1,098,048 48
33,450 Fair Isaac Corporation 1,206,876 53
28,900 * FLIR Systems, Inc. 1,101,668 48
74,500 * Global Imaging Systems, Inc. 2,474,890 109
35,800 * Hyperion Solutions Corporation 1,483,910 65
42,900 * Integrated Circuit Systems, Inc. 1,073,787 47
190,800 * Intelligroup, Inc. 1,396,656 61
26,300 * International Rectifier Corporation 1,209,537 53
57,400 Inter-Tel, Inc. 1,725,444 76
54,400 * Intervoice, Inc. 917,728 40
55,700 * Intrado, Inc. 1,077,795 47
79,900 * JDA Software Group, Inc. 1,162,545 51
76,400 * Komag, Inc. 1,405,760 62
35,400 * Kronos, Inc. 1,151,562 51
135,400 * Lawson Software, Inc. 1,123,820 49
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS SPECIAL SITUATIONS FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
85,100 * Lexar Media, Inc. $1,409,256 $62
104,400 * Measurement Specialties, Inc. 2,023,272 89
169,700 * MEMC Electronic Materials, Inc. 1,552,755 68
52,100 * Mentor Graphics Corporation 928,422 41
41,300 * MICROS Systems, Inc. 1,864,695 82
158,800 * MPS Group, Inc. 1,765,856 78
86,300 * Neoware Systems, Inc. 886,301 39
5,500 * O2Micro International, Ltd. 94,765 4
600 * OmniVision Technologies, Inc. 16,386 1
67,000 * Pixelworks, Inc. 1,147,710 51
232,900 * Powerwave Technologies, Inc. 1,816,620 80
39,700 * Progress Software Corporation 952,403 42
51,300 * Rofin-Sinar Technologies, Inc. 1,531,305 67
24,800 * Sigmatel, Inc. 556,760 24
11,000 * Skyworks Solutions, Inc. 128,260 6
108,000 * SM&A 1,189,080 52
35,600 StarTek, Inc. 1,293,704 57
39,800 * Sybase, Inc. 835,402 37
150,900 * TIBCO Software, Inc. 1,232,853 54
18,000 * TradeStation Group, Inc. 121,140 5
59,500 * TTM Technologies, Inc. 733,040 32
38,200 * Varian Semiconductor Equipment Associates, Inc. 1,604,400 71
43,000 * Verint Systems, Inc. 1,328,700 58
103,200 * ZiLOG, Inc. 1,302,384 57
- ----------------------------------------------------------------------------------------------------------------------
68,352,663 3,003
- ----------------------------------------------------------------------------------------------------------------------
Materials--2.1%
99,700 AMCOL International Corporation 1,739,765 76
10,800 Eagle Materials, Inc. 635,580 28
70,400 * Headwaters, Inc. 1,803,648 79
39,300 Penford Corporation 654,738 29
- ----------------------------------------------------------------------------------------------------------------------
4,833,731 212
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--1.2%
37,500 * NII Holdings, Inc. - Class "B" 1,313,625 58
144,000 * PTEK Holdings, Inc. 1,323,360 58
- ----------------------------------------------------------------------------------------------------------------------
2,636,985 116
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Shares, Amount
Warrants, Invested
or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--.8%
42,300 Equitable Resources, Inc. $1,878,966 $83
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $167,614,721) 219,650,433 9,651
- ----------------------------------------------------------------------------------------------------------------------
WARRANTS--.0%
Health Care
31,500 * Med-Design Corporation (expiring 7/29/08)
(cost $3,938) **+ 3,938 --
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT
AGENCY OBLIGATIONS--2.6%
$5,900M Federal Home Loan Bank, .975%,
4/16/04 (cost $5,897,603) 5,897,603 259
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--.5%
1,100M Coca-Cola Co., .99%, 4/13/04 (cost $1,099,637) 1,099,637 48
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $174,615,899) 99.6% 226,651,611 9,958
Other Assets, Less Liabilities .4 948,730 42
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $227,600,341 $10,000
======================================================================================================================
* Non-income producing
** Security valued at fair value (see Note 1A)
+ Security exempt from registration under Rule 144A of the Securities Act of 1933. See Note 6.
Summary of Abbreviations:
REIT Real Estate Investment Trust
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS FOCUSED EQUITY FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--98.7%
Consumer Discretionary--8.0%
46,800 Gap, Inc. $1,025,856 $158
29,000 Lowe's Companies, Inc. 1,627,770 251
151,800 * Time Warner, Inc. 2,559,348 394
- ----------------------------------------------------------------------------------------------------------------------
5,212,974 803
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--11.4%
27,100 Altria Group, Inc. 1,475,595 227
32,800 Gillette Company 1,282,480 198
37,100 PepsiCo, Inc. 1,997,835 308
10,400 Procter & Gamble Company 1,090,752 168
25,900 Wal-Mart Stores, Inc. 1,545,971 238
- ----------------------------------------------------------------------------------------------------------------------
7,392,633 1,139
- ----------------------------------------------------------------------------------------------------------------------
Energy--6.9%
25,100 ChevronTexaco Corporation 2,203,278 340
35,500 Schlumberger, Ltd. 2,266,675 349
- ----------------------------------------------------------------------------------------------------------------------
4,469,953 689
- ----------------------------------------------------------------------------------------------------------------------
Financials--21.3%
20,700 American Express Company 1,073,295 165
33,120 American International Group, Inc. 2,363,112 364
32,400 Bank of America Corporation 2,623,752 404
26,100 Bank One Corporation 1,422,972 219
63,400 Citigroup, Inc. 3,277,780 505
32,000 Merrill Lynch & Company, Inc. 1,905,920 294
67,800 Travelers Property Casualty Corporation - Class "B" 1,170,906 181
- ----------------------------------------------------------------------------------------------------------------------
13,837,737 2,132
- ----------------------------------------------------------------------------------------------------------------------
Health Care--13.2%
36,700 Abbott Laboratories 1,508,370 232
18,100 Eli Lilly & Company 1,210,890 187
13,100 * Genzyme Corporation 616,224 95
17,000 Medtronic, Inc. 811,750 125
88,400 Pfizer, Inc. 3,098,420 478
34,400 Wyeth 1,291,720 199
- ----------------------------------------------------------------------------------------------------------------------
8,537,374 1,316
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Industrials--13.9%
11,300 3M Company $925,131 $143
19,300 CSX Corporation 584,597 90
14,700 FedEx Corporation 1,104,852 170
9,400 General Dynamics Corporation 839,702 130
79,700 General Electric Company 2,432,444 375
14,700 Lockheed Martin Corporation 670,908 103
48,500 Tyco International, Ltd. 1,389,525 214
12,200 United Technologies Corporation 1,052,860 162
- ----------------------------------------------------------------------------------------------------------------------
9,000,019 1,387
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--19.2%
34,600 * Accenture, Ltd. - Class "A" 858,080 132
43,500 * Applied Materials, Inc. 930,030 143
60,500 * Cisco Systems, Inc. 1,422,960 219
140,500 * Corning, Inc. 1,570,790 242
40,000 * Dell, Inc. 1,344,800 207
69,293 Hewlett-Packard Company 1,582,652 244
51,500 Intel Corporation 1,400,800 216
126,700 Microsoft Corporation 3,163,699 488
11,300 Motorola, Inc. 198,880 31
- ----------------------------------------------------------------------------------------------------------------------
12,472,691 1,922
- ----------------------------------------------------------------------------------------------------------------------
Materials--4.2%
29,600 Alcoa, Inc. 1,026,824 159
14,900 Du Pont (E.I.) de Nemours & Company 629,078 97
25,200 International Paper Company 1,064,952 164
- ----------------------------------------------------------------------------------------------------------------------
2,720,854 420
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--.6%
14,500 Sprint Corporation 267,235 41
4,200 Verizon Communications, Inc. 153,468 23
- ----------------------------------------------------------------------------------------------------------------------
420,703 64
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $59,417,509) 64,064,938 9,872
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS FOCUSED EQUITY FUND
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--.9%
$588M BNP Paribas, 1%, dated 3/31/04, to be repurchased
at $588,016 on 4/1/04 (collateralized by
U.S. Treasury Notes, 1.75%, 12/31/04,
valued at $600,485) (cost $588,000) $588,000 $91
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $60,005,509) 99.6% 64,652,938 9,963
Other Assets, Less Liabilities .4 241,379 37
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $64,894,317 $10,000
======================================================================================================================
* Non-income producing
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS GLOBAL FUND, INC.
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--96.4%
United States--41.7%
13,500 3M Company $1,105,245 $47
46,100 Abbott Laboratories 1,894,710 81
37,600 Alcoa, Inc. 1,304,344 56
34,100 Altria Group, Inc. 1,856,745 79
27,700 American Express Company 1,436,245 61
41,553 American International Group, Inc. 2,964,807 126
23,700 American Power Conversion Corporation 545,337 23
8,800 * Anthem, Inc. 797,632 34
28,400 Apache Corporation 1,226,028 52
15,400 * Apple Computer, Inc. 416,570 18
54,900 * Applied Materials, Inc. 1,173,762 50
37,500 ARAMARK Corporation - Class "B" 1,027,875 44
40,800 Bank of America Corporation 3,303,984 141
33,100 Bank One Corporation 1,804,612 77
33,100 ChevronTexaco Corporation 2,905,518 124
24,100 * ChoicePoint, Inc. 916,523 39
77,400 * Cisco Systems, Inc. 1,820,448 78
84,549 Citigroup, Inc. 4,371,183 186
13,000 Cognex Corporation 432,250 18
178,300 * Corning, Inc. 1,993,394 85
4,400 Countrywide Financial Corporation 421,960 18
24,400 CSX Corporation 739,076 32
40,100 * Dell, Inc. 1,348,162 57
18,800 Du Pont (E.I.) de Nemours & Company 793,736 34
24,200 Eli Lilly & Company 1,618,980 69
10,500 Federated Department Stores, Inc. 567,525 24
18,100 FedEx Corporation 1,360,396 58
59,100 Gap, Inc. 1,295,472 55
17,100 General Dynamics Corporation 1,527,543 65
101,100 General Electric Company 3,085,572 132
16,500 * Genzyme Corporation 776,160 33
42,600 Gillette Company 1,665,660 71
87,400 Hewlett-Packard Company 1,996,216 85
9,700 * ImClone Systems, Inc. 493,342 21
65,160 Intel Corporation 1,772,352 76
31,700 International Paper Company 1,339,642 57
20,900 * International Rectifier Corporation 961,191 41
28,800 * Lamar Advertising Company - Class "A" 1,158,336 49
9,800 Legg Mason, Inc. 909,244 39
18,400 Lockheed Martin Corporation 839,776 36
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS GLOBAL FUND, INC.
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
United States (continued)
36,500 Lowe's Companies, Inc. $2,048,745 $87
21,300 Market 2000+ HOLDRs Trust 1,151,265 49
20,600 Masco Corporation 626,858 27
21,000 * Medco Health Solutions, Inc. 714,000 30
21,400 Medtronic, Inc. 1,021,850 44
41,900 Merrill Lynch & Company, Inc. 2,495,564 106
20,100 Michaels Stores, Inc. 977,262 42
162,200 Microsoft Corporation 4,050,134 173
14,200 Motorola, Inc. 249,920 11
36,600 * Nextel Communications, Inc. - Class "A" 905,118 39
26,300 * Noble Corporation 1,010,446 43
49,200 Norfolk Southern Corporation 1,086,828 46
41,600 * Pactiv Corporation 925,600 39
46,700 PepsiCo, Inc. 2,514,795 107
17,900 PETsMART, Inc. 487,955 21
108,825 Pfizer, Inc. 3,814,316 163
57,000 * Polycom, Inc. 1,210,110 52
12,200 Precision Castparts Corporation 537,166 23
13,200 Procter & Gamble Company 1,384,416 59
6,400 Rockwell Collins, Inc. 202,304 9
18,300 Sprint Corporation--Fon Group 337,269 14
15,400 * SunGard Data Systems, Inc. 421,960 18
191,200 * Time Warner, Inc. 3,223,633 137
85,200 Travelers Property Casualty Corporation - Class "B" 1,471,404 63
61,400 Tyco International, Ltd. 1,759,110 75
15,500 United Technologies Corporation 1,337,650 57
5,300 Verizon Communications, Inc. 193,662 8
34,600 Wal-Mart Stores, Inc. 2,065,274 88
44,300 Wyeth 1,663,465 71
- ----------------------------------------------------------------------------------------------------------------------
97,855,632 4,172
- ----------------------------------------------------------------------------------------------------------------------
United Kingdom--12.8%
61,200 AstraZeneca PLC 2,837,780 121
474,900 Compass Group PLC 3,128,970 133
98,800 Imperial Tobacco Group PLC 2,153,534 92
294,000 Kingfisher PLC 1,558,846 67
400,000 Lloyds TSB Group PLC 3,039,804 130
215,203 National Grid Transco PLC 1,700,697 73
138,823 Reckitt Benckiser PLC 3,431,577 146
1,040,000 Rolls-Royce Group PLC 4,300,569 183
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
United Kingdom (continued)
144,984 Royal Bank of Scotland Group PLC $4,417,888 $188
1,419,612 Vodafone Group PLC 3,359,131 143
- ----------------------------------------------------------------------------------------------------------------------
29,928,796 1,276
- ----------------------------------------------------------------------------------------------------------------------
France--10.4%
66,400 * Alcatel SA 1,047,730 45
45,104 Aventis SA 3,467,040 148
51,435 AXA 1,073,280 46
21,700 Carrefour SA 1,070,418 46
24,853 Essilor International SA 1,511,516 63
62,083 * France Telecom SA 1,588,437 68
134,740 Havas SA 720,282 31
59,375 Lafarge SA 4,804,806 205
33,800 M6 Metropole Television 1,013,498 43
16,600 Pinault-Printemps-Redoute SA 1,734,998 74
53,600 Societe Television Francaise 1 1,702,056 72
20,044 Total SA 3,680,031 157
39,100 Veolia Environment 1,090,735 46
- ----------------------------------------------------------------------------------------------------------------------
24,504,827 1,044
- ----------------------------------------------------------------------------------------------------------------------
Japan--8.2%
92,000 Asahi Glass Company, Ltd. 993,973 42
11,500 Fast Retailing Company, Ltd. 940,693 40
60,000 Kao Corporation 1,372,615 59
3,320 KOSE Corporation 121,586 5
165 Mitsubishi Tokyo Financial Group, Inc. 1,633,585 70
68,000 Mitsui Fudosan Company, Ltd. 855,597 36
15,100 Nintendo Company, Ltd. 1,525,458 65
1,465 NTT DoCoMo, Inc. 3,238,814 138
48,000 Olympus Corporation 1,033,498 44
12,500 ORIX Corporation 1,382,948 59
8,100 Rohm Company, Ltd. 1,048,753 45
56,000 Sharp Corporation 1,000,663 43
22,200 Shin-Etsu Chemical Company, Ltd. 934,647 40
28,900 Takeda Chemical Industries, Ltd. 1,288,951 55
303 UFJ Holdings, Inc. 1,928,063 82
- ----------------------------------------------------------------------------------------------------------------------
19,299,844 823
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS GLOBAL FUND, INC.
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Switzerland--4.9%
393,270 * ABB, Ltd. $2,318,922 $99
11,854 Converium Holding AG 580,138 25
9,100 Converium Holding AG (ADR) 223,587 9
10,360 Nestle SA 2,641,418 113
29,926 Roche Holding AG - Genusscheine 2,923,268 125
36,420 UBS AG - Registered 2,705,231 115
- ----------------------------------------------------------------------------------------------------------------------
11,392,564 486
- ----------------------------------------------------------------------------------------------------------------------
South Korea--3.4%
124,960 Kia Motors Corporation 1,286,169 55
40,730 * Kookmin Bank 1,652,008 70
22,080 LG Electronics, Inc. 1,323,124 56
2,640 Samsung Electronics Company, Ltd. 1,317,179 56
34,180 SK Corporation 1,241,744 53
59,090 SK Telecom Company, Ltd. (ADR) 1,258,617 54
- ----------------------------------------------------------------------------------------------------------------------
8,078,841 344
- ----------------------------------------------------------------------------------------------------------------------
Germany--2.2%
36,500 Bayerische Motoren Werke (BMW) AG 1,493,666 64
31,400 E.ON AG 2,072,146 88
10,300 SAP AG 1,620,181 69
- ----------------------------------------------------------------------------------------------------------------------
5,185,993 221
- ----------------------------------------------------------------------------------------------------------------------
Italy--2.0%
160,048 ENI SpA 3,217,733 137
300,700 UniCredito Italiano SpA 1,433,777 61
- ----------------------------------------------------------------------------------------------------------------------
4,651,510 198
- ----------------------------------------------------------------------------------------------------------------------
Netherlands--1.9%
32,000 * ASML Holding NV 586,333 25
62,267 ING Groep NV 1,368,176 59
170,000 * Koninklijke Ahold NV 1,391,360 59
150,000 * Koninklijke KPN NV 1,170,527 50
- ----------------------------------------------------------------------------------------------------------------------
4,516,396 193
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Canada--1.4%
74,500 * Biovail Corporation $1,163,770 $50
25,800 Canadian National Railway Company 1,014,714 43
18,600 Talisman Energy, Inc. 1,102,060 47
- ----------------------------------------------------------------------------------------------------------------------
3,280,544 140
- ----------------------------------------------------------------------------------------------------------------------
Netherlands Antilles--1.2%
44,300 Schlumberger, Ltd. 2,828,555 121
- ----------------------------------------------------------------------------------------------------------------------
Mexico--1.0%
58,100 America Movil SA de CV (ADR) - Series "L" 2,245,565 96
- ----------------------------------------------------------------------------------------------------------------------
Australia--.9%
133,396 News Corporation, Ltd. 1,058,130 45
186,624 Rinker Group, Ltd. 990,223 43
- ----------------------------------------------------------------------------------------------------------------------
2,048,353 88
- ----------------------------------------------------------------------------------------------------------------------
Spain--.8%
13,428 Endesa SA 244,225 11
73,800 Iberdrola SA 1,523,639 65
- ----------------------------------------------------------------------------------------------------------------------
1,767,864 76
- ----------------------------------------------------------------------------------------------------------------------
Malaysia--.6%
486,000 Malayan Banking Berhad 1,483,252 63
- ----------------------------------------------------------------------------------------------------------------------
Russia--.6%
38,100 Surgutneftegaz (ADR) 1,455,420 62
- ----------------------------------------------------------------------------------------------------------------------
Belgium--.6%
64,500 Fortis 1,372,060 58
- ----------------------------------------------------------------------------------------------------------------------
Bermuda--.5%
43,900 * Accenture, Ltd. - Class "A" 1,088,720 46
- ----------------------------------------------------------------------------------------------------------------------
Brazil--.4%
31,000 Petroleo Brasileiro SA--Petrobras (ADR) 1,038,500 44
- ----------------------------------------------------------------------------------------------------------------------
Ireland--.4%
49,600 * Elan Corporation PLC (ADR) 1,022,752 44
- ----------------------------------------------------------------------------------------------------------------------
South Africa--.4%
145,900 Standard Bank Group, Ltd. 972,281 41
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS GLOBAL FUND, INC.
March 31, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Sweden--.1%
6,800 * Oriflame Cosmetics SA (SDR) $191,612 $8
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $186,667,336) 226,209,881 9,644
- ----------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--.0%
Brazil
23,000 * Vale Do Rio Doce - Class "B" (cost $0)** 236 --
- ----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--3.8%
$8,930M BNP Paribas, 1%, dated 3/31/04, to be repurchased
at $8,930,248 on 4/1/04 (collateralized by
U.S. Treasury Notes, 1.625%, 3/31/05,
at $9,109,089) (cost $8,930,000) 8,930,000 381
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $195,597,336) 100.2% 235,140,117 10,025
Excess of Liabilities Over Other Assets (.2) (574,906) (25)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $234,565,211 $10,000
======================================================================================================================
* Non-income producing
** Security valued at fair value (see Note 1A)
Summary of Abbreviations:
ADR American Depositary Receipts
SDR Swedish Depositary Receipts
See notes to financial statements
Sector Diversification of the portfolio was as follows:
- ----------------------------------------------------------------------------------------------------------------------
Percentage
Sector of Net Assets Value
- ----------------------------------------------------------------------------------------------------------------------
Pharmaceuticals & Biotechnology 9.8% $22,964,208
Banks 9.4 22,091,541
Energy 8.4 19,706,034
Capital Goods 8.2 19,180,026
Diversified Financials 6.8 16,040,652
Telecommunication Services 6.1 14,297,140
Materials 4.7 11,093,234
Technology Hardware & Equipment 4.5 10,514,801
Retailing 4.1 9,611,495
Food/Beverage/Tobacco 3.9 9,166,492
Media 3.8 8,875,934
Software & Services 3.7 8,706,453
Household & Personal Products 3.5 8,167,466
Semiconductors & Semiconductor Equipment 2.9 6,859,570
Utilities 2.8 6,631,441
Insurance 2.7 6,313,215
Health Care Equipment & Services 2.2 5,078,496
Food & Staples Retailing 1.9 4,527,052
Transportation 1.8 4,201,014
Hotels/Restaurants/Leisure 1.3 3,128,970
Automobiles & Components 1.2 2,779,835
Consumer Durables & Apparel 1.0 2,323,788
Commercial Services & Supplies .8 1,944,398
Pooled Vehicle .5 1,151,265
Real Estate .4 855,597
Repurchase Agreement 3.8 8,930,000
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments 100.2 235,140,117
Excess of Liabilities Over Other Assets (.2) (574,906)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $234,565,211
======================================================================================================================
Statement of Assets and Liabilities
FIRST INVESTORS
March 31, 2004
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL GROWTH & ALL-CAP
RETURN VALUE BLUE CHIP INCOME GROWTH
- ------------------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $214,918,317 $150,363,521 $387,914,039 $450,175,827 $108,844,966
============ ============ ============ ============ ============
At value (Note 1A) $253,360,934 $185,832,828 $503,653,121 $581,211,159 $131,254,040
Cash 249,194 198,938 839,067 729,982 41,941
Receivables:
Dividends and interest 1,244,747 426,798 481,464 543,485 64,319
Shares sold 889,238 560,401 648,601 1,116,649 704,952
Investment securities sold 1,915,147 250,265 1,061,718 -- 330,547
Forward currency contracts (Note 4) -- -- -- -- --
Other assets 31,870 21,739 67,654 71,599 14,324
------------ ------------ ------------ ------------ ------------
Total Assets 257,691,130 187,290,969 506,751,625 583,672,874 132,410,123
------------ ------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 4,194,673 2,767,825 881,310 3,625,000 893,027
Dividends payable 14,348 12,806 -- 1,730 --
Shares redeemed 401,348 187,955 764,238 846,279 182,391
Accrued advisory fees 169,120 123,187 341,346 379,175 86,332
Accrued shareholder servicing costs 74,253 75,948 148,998 176,687 69,773
Accrued distribution plan expenses 2,743 1,927 5,451 6,444 1,435
Accrued directors' fees 1,526 1,500 3,240 3,584 766
Accrued expenses 17,099 10,482 15,850 43,296 22,526
------------ ------------ ------------ ------------ ------------
Total Liabilities 4,875,110 3,181,630 2,160,433 5,082,195 1,256,250
------------ ------------ ------------ ------------ ------------
Net Assets $252,816,020 $184,109,339 $504,591,192 $578,590,679 $131,153,873
============ ============ ============ ============ ============
Net Assets Consist of:
Capital paid in $243,898,722 $210,433,986 $540,167,525 $553,289,943 $125,648,184
Undistributed net investment income (deficit) (490,074) 63,716 (169,763) 89,528 (752,509)
Accumulated net realized loss on investments (29,035,245) (61,857,670) (151,145,652) (105,824,124) (16,150,876)
Net unrealized appreciation in value
of investments 38,442,617 35,469,307 115,739,082 131,035,332 22,409,074
------------ ------------ ------------ ------------ ------------
Total $252,816,020 $184,109,339 $504,591,192 $578,590,679 $131,153,873
============ ============ ============ ============ ============
Net Assets:
Class A $217,741,585 $162,072,093 $436,236,868 $489,791,241 $112,445,704
Class B $ 35,074,435 $ 22,037,246 $ 68,354,324 $ 88,799,438 $ 18,708,169
Shares outstanding (Note 5):
Class A 16,471,435 27,884,617 22,589,142 39,691,724 14,218,075
Class B 2,689,345 3,845,728 3,744,184 7,501,890 2,422,311
Net asset value and redemption price
per share - Class A $13.22 $5.81 $19.31 $12.34 $7.91
============ ============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $14.03 $6.16 $20.49 $13.09 $8.39
============ ============ ============ ============ ============
Net asset value and offering price per share -
Class B (Note 5) $13.04 $5.73 $18.26 $11.84 $7.72
============ ============ ============ ============ ============
*On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
- --------------------------------------------------------------------------------------------------------------
MID-CAP SPECIAL FOCUSED
OPPORTUNITY SITUATIONS EQUITY GLOBAL
- --------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $239,764,425 $174,615,899 $60,005,509 $195,597,336
============ ============ ============ ============
At value (Note 1A) $306,756,196 $226,651,611 $64,652,938 $235,140,117
Cash (overdraft) 492,127 (328,567) 43,321 61,275
Receivables:
Dividends and interest 139,058 50,545 71,236 809,989
Shares sold 933,033 308,223 77,610 262,981
Investment securities sold 422 1,839,274 513,534 643,724
Forward currency contracts (Note 4) -- -- -- 10,252
Other assets 33,982 28,847 6,869 53,368
------------ ------------ ------------ ------------
Total Assets 308,354,818 228,549,933 65,365,508 236,981,706
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 4,008,419 363,514 261,594 1,475,420
Dividends payable -- -- -- --
Shares redeemed 413,153 311,621 119,958 607,020
Accrued advisory fees 201,179 151,261 44,109 211,062
Accrued shareholder servicing costs 114,254 93,223 35,877 79,436
Accrued distribution plan expenses 3,360 2,326 754 2,233
Accrued directors' fees 2,000 1,434 424 1,492
Accrued expenses 20,023 26,213 8,475 39,832
------------ ------------ ------------ ------------
Total Liabilities 4,762,388 949,592 471,191 2,416,495
------------ ------------ ------------ ------------
Net Assets $303,592,430 $227,600,341 $64,894,317 $234,565,211
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $263,729,424 $239,362,712 $88,036,389 $234,972,913
Undistributed net investment deficit (1,059,338) (1,351,085) (154,089) (491,674)
Accumulated net realized loss on investments
and foreign currency transactions (26,069,427) (62,446,998) (27,635,412) (39,483,313)
Net unrealized appreciation in value of
investments and foreign currency
transactions 66,991,771 52,035,712 4,647,429 39,567,285
------------ ------------ ------------ ------------
Total $303,592,430 $227,600,341 $64,894,317 $234,565,211
============ ============ ============ ============
Net Assets:
Class A $257,777,755 $203,634,974 $53,334,679 $217,997,855
Class B $ 45,814,675 $ 23,965,367 $11,559,638 $ 16,567,356
Shares outstanding (Note 5):
Class A 11,291,630 11,178,371 6,677,494 36,171,121
Class B 2,151,991 1,421,373 1,499,283 2,943,345
Net asset value and redemption price
per share - Class A $22.83 $18.22 $7.99 $6.03
============ ============ ============ ============
Maximum offering price per share - Class A
(Net asset value/.9425)* $24.22 $19.33 $8.48 $6.40
============ ============ ============ ============
Net asset value and offering price per share -
Class B (Note 5) $21.29 $16.86 $7.71 $5.63
============ ============ ============ ============
*On purchases of $100,000 or more, the sales charge is reduced.
See notes to financial statements
Statement of Operations
FIRST INVESTORS
Six Months Ended March 31, 2004
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL GROWTH & ALL-CAP
RETURN VALUE BLUE CHIP INCOME GROWTH
- ------------------------------------------------------------------------------------------------------------------------------
Investment Income
Dividends $ 1,325,209 $ 2,176,323 $ 3,645,522 $ 4,864,543 $ 296,102
Interest 2,058,752 86,839 60,813 9,022 22,743
------------ ------------ ------------ ------------ ------------
Total income 3,383,961 2,263,162 3,706,335 4,873,565 318,845
------------ ------------ ------------ ------------ ------------
Expenses (Notes 1 and 3):
Advisory fees 1,120,599 631,226 2,089,004 1,990,486 425,770
Distribution plan expenses - Class A 299,586 221,015 634,140 686,239 145,273
Distribution plan expenses - Class B 162,179 104,917 339,113 423,518 83,448
Shareholder servicing costs 362,426 316,989 866,490 893,082 326,737
Professional fees 21,661 24,201 56,130 59,730 15,376
Registration fees 21,408 21,408 21,408 21,408 22,165
Custodian fees and expenses 19,155 11,387 30,505 18,171 7,754
Reports and notices to shareholders 19,536 15,485 45,571 46,939 16,871
Directors' fees 4,538 4,306 7,860 8,626 2,899
Other expenses 29,181 12,718 39,224 51,581 25,135
------------ ------------ ------------ ------------ ------------
Total expenses 2,060,269 1,363,652 4,129,445 4,199,780 1,071,428
Less: Expenses waived (250,000) -- (250,000) -- --
Custodian fees paid indirectly (2,406) (1,686) (3,347) (845) (74)
------------ ------------ ------------ ------------ ------------
Net expenses 1,807,863 1,361,966 3,876,098 4,198,935 1,071,354
------------ ------------ ------------ ------------ ------------
Net investment income (loss) 1,576,098 901,196 (169,763) 674,630 (752,509)
------------ ------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on
Investments (Note 2):
Net realized gain on investments 3,685,827 2,014,744 14,391,443 14,572,840 5,583,009
Net unrealized appreciation of investments 17,711,330 22,671,869 41,926,044 60,540,076 11,714,503
------------ ------------ ------------ ------------ ------------
Net gain on investments 21,397,157 24,686,613 56,317,487 75,112,916 17,297,512
------------ ------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting
from Operations $ 22,973,255 $ 25,587,809 $ 56,147,724 $ 75,787,546 $ 16,545,003
============ ============ ============ ============ ============
+ Net of $134,732 foreign taxes withheld
See notes to financial statements
- --------------------------------------------------------------------------------------------------------------
MID-CAP SPECIAL FOCUSED
OPPORTUNITY SITUATIONS EQUITY GLOBAL
- --------------------------------------------------------------------------------------------------------------
Investment Income
Dividends $ 1,228,631 $ 453,175 $ 491,208 $ 1,676,157+
Interest 18,471 41,277 4,367 33,009
------------ ------------ ------------ ------------
Total income 1,247,102 494,452 495,575 1,709,166
------------ ------------ ------------ ------------
Expenses (Notes 1 and 3):
Advisory fees 1,272,128 1,058,479 240,373 1,142,832
Distribution plan expenses - Class A 346,623 288,890 78,796 318,088
Distribution plan expenses - Class B 207,426 115,364 57,843 82,540
Shareholder servicing costs 604,734 518,061 195,047 433,073
Professional fees 20,651 23,430 13,645 30,457
Registration fees 21,408 21,408 22,165 24,738
Custodian fees and expenses 16,923 19,477 5,075 129,650
Reports and notices to shareholders 32,679 27,812 28,624 25,523
Directors' fees 5,399 4,401 2,136 4,500
Other expenses 30,552 20,828 5,960 9,439
------------ ------------ ------------ ------------
Total expenses 2,558,523 2,098,150 649,664 2,200,840
Less: Expenses waived (250,000) (249,731) -- --
Custodian fees paid indirectly (2,083) (2,882) -- --
------------ ------------ ------------ ------------
Net expenses 2,306,440 1,845,537 649,664 2,200,840
------------ ------------ ------------ ------------
Net investment loss (1,059,338) (1,351,085) (154,089) (491,674)
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on
Investments and Foreign Currency
Transactions (Note 2):
Net realized gain on investments
and foreign currency transactions 6,643,447 25,221,506 1,109,311 21,670,613
Net unrealized appreciation of investments
and foreign currency transactions 39,170,788 7,703,832 5,172,759 13,078,586
------------ ------------ ------------ ------------
Net gain on investments and foreign
currency transactions 45,814,235 32,925,338 6,282,070 34,749,199
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting
from Operations $ 44,754,897 $ 31,574,253 $ 6,127,981 $ 34,257,525
============ ============ ============ ============
+ Net of $134,732 foreign taxes withheld
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN VALUE
---------------------------- ----------------------------
10/1/2003 to 10/1/2002 to 10/1/2003 to 10/1/2002 to
3/31/2004 9/30/2003 3/31/2004 9/30/2003
- ------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 1,576,098 $ 2,595,772 $ 901,196 $ 1,994,571
Net realized gain (loss) on investments 3,685,827 (4,976,396) 2,014,744 (7,805,613)
Net unrealized appreciation of investments 17,711,330 27,102,984 22,671,869 27,059,981
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 22,973,255 24,722,360 25,587,809 21,248,939
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income - Class A (1,596,020) (2,745,536) (869,330) (1,748,084)
Net investment income - Class B (157,662) (285,333) (53,977) (160,660)
------------ ------------ ------------ ------------
Total dividends (1,753,682) (3,030,869) (923,307) (1,908,744)
------------ ------------ ------------ ------------
Share Transactions*
Class A:
Proceeds from shares sold 35,336,216 49,222,767 22,561,518 26,361,060
Reinvestment of dividends 1,569,419 2,709,146 844,305 1,695,885
Cost of shares redeemed (14,139,939) (23,367,193) (8,834,168) (18,006,487)
------------ ------------ ------------ ------------
22,765,696 28,564,720 14,571,655 10,050,458
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 5,729,237 7,886,210 2,786,331 3,447,342
Reinvestment of dividends 156,672 283,519 53,543 159,358
Cost of shares redeemed (2,188,731) (4,531,666) (2,660,944) (4,191,112)
------------ ------------ ------------ ------------
3,697,178 3,638,063 178,930 (584,412)
------------ ------------ ------------ ------------
Net increase from share transactions 26,462,874 32,202,783 14,750,585 9,466,046
------------ ------------ ------------ ------------
Net increase in net assets 47,682,447 53,894,274 39,415,087 28,806,241
Net Assets
Beginning of period 205,133,573 151,239,299 144,694,252 115,888,011
------------ ------------ ------------ ------------
End of period+ $252,816,020 $205,133,573 $184,109,339 $144,694,252
============ ============ ============ ============
+Includes undistributed net investment income (deficit) of $ (490,074) $ (312,490) $ 63,716 $ 85,827
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 2,744,545 4,332,265 4,064,798 5,561,598
Issued for dividends reinvested 120,101 239,990 147,716 364,982
Redeemed (1,098,025) (2,092,115) (1,587,150) (3,944,699)
------------ ------------ ------------ ------------
Net increase in Class A shares outstanding 1,766,621 2,480,140 2,625,364 1,981,881
============ ============ ============ ============
Class B:
Sold 452,919 705,304 510,810 736,536
Issued for dividends reinvested 12,153 25,554 9,496 35,022
Redeemed (171,738) (414,061) (485,118) (931,856)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding 293,334 316,797 35,188 (160,298)
============ ============ ============ ============
See notes to financial statements
- ------------------------------------------------------------------------------------------------------------------------------
BLUE CHIP GROWTH & INCOME
---------------------------- ----------------------------
10/1/2003 to 10/1/2002 to 10/1/2003 to 10/1/2002 to
3/31/2004 9/30/2003 3/31/2004 9/30/2003
- ------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income (loss) $ (169,763) $ (425,904) $ 674,630 $ 1,371,212
Net realized gain (loss) on investments 14,391,443 (27,055,645) 14,572,840 (17,943,080)
Net unrealized appreciation of investments 41,926,044 94,207,242 60,540,076 97,389,824
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 56,147,724 66,725,693 75,787,546 80,817,956
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income - Class A -- -- (585,102) (1,561,227)
Net investment income - Class B -- -- -- --
------------ ------------ ------------ ------------
Total dividends -- -- (585,102) (1,561,227)
------------ ------------ ------------ ------------
Share Transactions*
Class A:
Proceeds from shares sold 33,195,069 53,450,998 55,908,134 69,467,305
Reinvestment of dividends -- -- 579,625 1,545,811
Cost of shares redeemed (28,308,103) (60,801,572) (30,141,884) (55,627,119)
------------ ------------ ------------ ------------
4,886,966 (7,350,574) 26,345,875 15,385,997
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 5,471,928 8,941,786 9,369,334 11,899,634
Cost of shares redeemed (7,258,957) (12,841,105) (8,586,066) (14,006,947)
------------ ------------ ------------ ------------
(1,787,029) (3,899,319) 783,268 (2,107,313)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 3,099,937 (11,249,893) 27,129,143 13,278,684
------------ ------------ ------------ ------------
Net increase in net assets 59,247,661 55,475,800 102,331,587 92,535,413
Net Assets
Beginning of period 445,343,531 389,867,731 476,259,092 383,723,679
------------ ------------ ------------ ------------
End of period+ $504,591,192 $445,343,531 $578,590,679 $476,259,092
============ ============ ============ ============
+Includes undistributed net investment income (deficit) of $ (169,763) $ -- $ 89,528 $ --
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 1,757,428 3,344,515 4,717,448 7,092,953
Issued for dividends reinvested -- -- 47,904 160,200
Redeemed (1,501,961) (3,864,778) (2,537,736) (5,818,365)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 255,467 (520,263) 2,227,616 1,434,788
============ ============ ============ ============
Class B:
Sold 308,087 588,924 825,682 1,263,648
Issued for dividends reinvested -- -- -- --
Redeemed (406,343) (860,901) (757,782) (1,523,474)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding (98,256) (271,977) 67,900 (259,826)
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- ------------------------------------------------------------------------------------------------------------------------------
ALL-CAP GROWTH MID-CAP OPPORTUNITY
---------------------------- ----------------------------
10/1/2003 to 10/1/2002 to 10/1/2003 to 10/1/2002 to
3//31/2004 9/30/2003 3/31/2004 9/30/2003
- ------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment loss $ (752,509) $ (857,716) $ (1,059,338) $ (1,684,478)
Net realized gain (loss) on investments 5,583,009 (1,931,995) 6,643,447 (9,144,785)
Net unrealized appreciation of investments 11,714,503 18,163,770 39,170,788 47,400,847
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 16,545,003 15,374,059 44,754,897 36,571,584
------------ ------------ ------------ ------------
Share Transactions*
Class A:
Proceeds from shares sold 26,675,799 27,790,360 41,438,890 51,795,794
Cost of shares redeemed (5,037,406) (7,697,061) (13,748,184) (21,887,533)
------------ ------------ ------------ ------------
21,638,393 20,093,299 27,690,706 29,908,261
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 3,383,708 4,175,360 6,970,062 7,921,873
Cost of shares redeemed (906,436) (1,410,633) (2,442,832) (4,116,563)
------------ ------------ ------------ ------------
2,477,272 2,764,727 4,527,230 3,805,310
------------ ------------ ------------ ------------
Net increase from share transactions 24,115,665 22,858,026 32,217,936 33,713,571
------------ ------------ ------------ ------------
Net increase in net assets 40,660,668 38,232,085 76,972,833 70,285,155
Net Assets
Beginning of period 90,493,205 52,261,120 226,619,597 156,334,442
------------ ------------ ------------ ------------
End of period+ $131,153,873 $ 90,493,205 $303,592,430 $226,619,597
============ ============ ============ ============
+Includes undistributed net investment deficit of $ (752,509) $ -- $ (1,059,338) $ --
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 3,518,083 4,464,318 1,909,891 3,001,097
Redeemed (662,056) (1,288,511) (630,007) (1,294,434)
------------ ------------ ------------ ------------
Net increase in Class A shares outstanding 2,856,027 3,175,807 1,279,884 1,706,663
============ ============ ============ ============
Class B:
Sold 456,697 685,202 345,578 487,764
Redeemed (122,780) (241,915) (120,581) (261,744)
------------ ------------ ------------ ------------
Net increase in Class B shares outstanding 333,917 443,287 224,997 226,020
============ ============ ============ ============
See notes to financial statements
- ------------------------------------------------------------------------------------------------------------------------------
SPECIAL SITUATIONS FOCUSED EQUITY
---------------------------- ----------------------------
10/1/2003 to 10/1/2002 to 10/1/2003 to 10/1/2002 to
3/31/2004 9/30/2003 3/31/2004 9/30/2003
- ------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment loss $ (1,351,085) $ (2,174,743) $ (154,089) $ (255,382)
Net realized gain (loss) on investments 25,221,506 (8,547,634) 1,109,311 (3,672,111)
Net unrealized appreciation of investments 7,703,832 46,021,471 5,172,759 15,896,024
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 31,574,253 35,299,094 6,127,981 11,968,531
------------ ------------ ------------ ------------
Share Transactions*
Class A:
Proceeds from shares sold 17,746,328 21,524,779 4,436,060 7,578,453
Cost of shares redeemed (11,351,215) (21,840,556) (4,107,241) (7,332,359)
------------ ------------ ------------ ------------
6,395,113 (315,777) 328,819 246,094
------------ ------------ ------------ ------------
Class B:
Proceeds from shares sold 2,865,193 2,582,621 744,945 1,101,769
Cost of shares redeemed (2,594,802) (3,464,531) (982,276) (1,629,642)
------------ ------------ ------------ ------------
270,391 (881,910) (237,331) (527,873)
------------ ------------ ------------ ------------
Net increase (decrease) from share transactions 6,665,504 (1,197,687) 91,488 (281,779)
------------ ------------ ------------ ------------
Net increase in net assets 38,239,757 34,101,407 6,219,469 11,686,752
Net Assets
Beginning of period 189,360,584 155,259,177 58,674,848 46,988,096
------------ ------------ ------------ ------------
End of period+ $227,600,341 $189,360,584 $ 64,894,317 $ 58,674,848
============ ============ ============ ============
+Includes undistributed net investment deficit of $ (1,351,085) $ -- $ (154,089) $ --
============ ============ ============ ============
*Shares Issued and Redeemed
Class A:
Sold 1,012,132 1,599,285 562,856 1,128,365
Redeemed (646,450) (1,660,681) (520,960) (1,112,790)
------------ ------------ ------------ ------------
Net increase (decrease) in Class A shares outstanding 365,682 (61,396) 41,896 15,575
============ ============ ============ ============
Class B:
Sold 176,933 204,411 98,014 168,390
Redeemed (158,948) (282,940) (129,011) (262,445)
------------ ------------ ------------ ------------
Net increase (decrease) in Class B shares outstanding 17,985 (78,529) (30,997) (94,055)
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS
- ----------------------------------------------------------------------------------------------
GLOBAL
----------------------------
10/1/2003 to 10/1/2002 to
3/31/2004 9/30/2003
- ----------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment loss $ (491,674) $ (471,515)
Net realized gain (loss) on investments and
foreign currency transactions 21,670,613 (3,393,379)
Net unrealized appreciation of investments and foreign
currency transactions 13,078,586 42,419,475
------------ ------------
Net increase in net assets resulting from operations 34,257,525 38,554,581
------------ ------------
Share Transactions*
Class A:
Proceeds from shares sold 8,335,548 13,212,580
Cost of shares redeemed (14,476,997) (30,106,459)
------------ ------------
(6,141,449) (16,893,879)
------------ ------------
Class B:
Proceeds from shares sold 1,011,136 1,392,241
Cost of shares redeemed (1,918,643) (3,012,650)
------------ ------------
(907,507) (1,620,409)
------------ ------------
Net decrease from share transactions (7,048,956) (18,514,288)
------------ ------------
Net increase in net assets 27,208,569 20,040,293
Net Assets
Beginning of period 207,356,642 187,316,349
------------ ------------
End of period+ $234,565,211 $207,356,642
============ ============
+Includes undistributed net investment deficit of $ (491,674) $ --
============ ============
*Shares Issued and Redeemed
Class A:
Sold 1,430,685 2,823,401
Redeemed (2,498,312) (6,467,613)
------------ ------------
Net decrease in Class A shares outstanding (1,067,627) (3,644,212)
============ ============
Class B:
Sold 187,310 315,712
Redeemed (349,428) (690,288)
------------ ------------
Net decrease in Class B shares outstanding (162,118) (374,576)
============ ============
See notes to financial statements
This page intentionally left blank.
Notes to Financial Statements
March 31, 2004
1. Significant Accounting Policies--First Investors Total Return Fund, First
Investors Blue Chip Fund and First Investors Special Situations Fund, each
a series of First Investors Series Fund ("Series Fund"), a Massachusetts
business trust; First Investors Value Fund (formerly Utilities Income),
First Investors Growth & Income Fund, First Investors All-Cap Growth Fund,
First Investors Mid-Cap Opportunity Fund and First Investors Focused Equity
Fund, each a series of First Investors Series Fund II, Inc. ("Series Fund
II"), a Maryland corporation; and First Investors Global Fund, Inc.
("Global Fund"), a Maryland corporation, are registered under the
Investment Company Act of 1940 (the "1940 Act") as diversified, open-end
management investment companies, with the exception of First Investors
Focused Equity Fund, which is registered as a non-diversified series of the
investment company. Each Fund accounts separately for the assets,
liabilities, and operations of the Fund. Series Fund offers two additional
series which are not included in this report. The objective of each Fund is
as follows:
Total Return Fund seeks high, long-term total investment return consistent
with moderate investment risk.
Value Fund seeks total return.
Blue Chip Fund seeks high total investment return consistent with the
preservation of capital.
Growth & Income Fund seeks long-term growth of capital and current income.
All-Cap Growth Fund seeks long-term growth of capital.
Mid-Cap Opportunity Fund seeks long-term capital growth.
Special Situations Fund seeks long-term growth of capital.
Focused Equity Fund seeks capital appreciation.
Global Fund primarily seeks long-term capital growth and secondarily a
reasonable level of current income.
A. Security Valuation--Except as provided below, a security listed or
traded on an exchange or the Nasdaq Stock Market is valued at its last sale
price on the exchange or market where the security is principally traded,
and lacking any sales, the security is valued at the mean between the
closing bid and asked prices. Securities traded in the over-the-counter
("OTC") market (including securities listed on exchanges whose primary
market is believed to be OTC) are valued at the mean between the last bid
and asked prices based upon quotes furnished by a market maker for such
securities. Securities may also be priced by a pricing service approved by
the applicable Fund's
Board of Directors/Trustees. The pricing service considers security type,
rating, market condition and yield data as well as market quotations,
prices provided by market makers and other available information in
determining value. Short-term debt securities that mature in 60 days or
less are valued at amortized cost. The Funds monitor for significant events
occurring after the close of foreign markets but prior to the close of
trading on the New York Stock Exchange that could have a material impact on
the values of any foreign securities that are held by the Funds. Examples
of such events include natural disasters, political events, and
issuer-specific developments such as bankruptcies. If the Valuation
Committee decides that such events warrant using fair value estimates for
foreign securities, it will take such events into consideration in
determining the fair values of such securities. If market quotations or
prices are not readily available or determined to be unreliable, the
securities will be valued at fair value as determined in good faith
pursuant to procedures adopted by the Fund's Board of Directors/Trustees.
At March 31, 2004, the Special Situations Fund held one security that was
fair valued by its Valuation Committee with a value of $3,938 representing
0% of the Fund's net assets and the Global Fund held one security that was
fair valued by its Valuation Committee with a value of $236 representing 0%
of the Fund's net assets. For valuation purposes, where applicable,
quotations of foreign securities in foreign currency are translated to U.S.
dollar equivalents using the foreign exchange quotation in effect.
B. Federal Income Taxes--No provision has been made for federal income taxes
on net income or capital gains since it is the policy of each Fund to
continue to comply with the special provisions of the Internal Revenue Code
applicable to investment companies and to make sufficient distributions of
income and capital gains (in excess of any available capital loss
carryovers) to relieve it from all, or substantially all, such taxes.
At September 30, 2003, capital loss carryovers were as follows:
Year Capital Loss Carryovers Expire
--------------------------------------------------------------------
Fund Total 2008 2009 2010 2011
- ---- ------------ ------------ ------------ ------------ ------------
Total Return $ 29,077,042 $ -- $ 1,458,508 $ 8,515,512 $19,103,022
Value 59,815,391 -- 5,196,775 18,257,137 36,361,479
Blue Chip 139,836,318 -- 9,527,196 61,121,583 69,187,539
Growth & Income 110,774,808 -- 5,645,569 40,308,647 64,820,592
All-Cap Growth 19,636,203 -- -- 8,825,943 10,810,260
Mid-Cap Opportunity 24,445,332 -- 1,528,251 16,230,216 6,686,865
Special Situations 81,944,473 -- 1,713,617 54,184,676 26,046,180
Focused Equity 25,075,256 553,800 12,951,888 1,712,582 9,856,986
Global 59,783,882 -- 2,316,335 24,383,554 33,083,993
Notes to Financial Statements (continued)
March 31, 2004
C. Distributions to Shareholders--Dividends from net investment income, if
any, of Total Return Fund, Value Fund, Blue Chip Fund and Growth & Income
Fund are declared and paid quarterly. Dividends from net investment income,
if any, of All-Cap Growth Fund, Mid-Cap Opportunity Fund, Special
Situations Fund, Focused Equity Fund and Global Fund are declared and paid
annually. Distributions from net realized capital gains, if any, are
normally declared and paid annually. Income dividends and capital gain
distributions are determined in accordance with income tax regulations
which may differ from accounting principles generally accepted in the
United States of America. These differences are primarily due to differing
treatments for capital loss carryforwards, deferral of wash sales losses,
post-October capital losses, net operating losses and foreign currency
transactions.
D. Expense Allocation--Expenses directly charged or attributable to a Fund
are paid from the assets of that Fund. General expenses of Series Fund and
Series Fund II are allocated among and charged to the assets of each Fund
in the Series on a fair and equitable basis, which may be based on the
relative assets of each Fund or the nature of the services performed and
relative applicability to each Fund.
E. Repurchase Agreements--Securities pledged as collateral for repurchase
agreements entered into by the All-Cap Growth Fund, Focused Equity Fund,
and Global Fund are held by each Fund's custodian until maturity of the
repurchase agreement. The agreements provide that the Funds will receive,
as collateral, securities with a market value which will at all times be at
least equal to 100% of the amount invested by the Funds.
F. Use of Estimates--The preparation of the financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expense
during the reporting period. Actual results could differ from those
estimates.
G. Foreign Currency Translations--The accounting records of Global Fund are
maintained in U.S. dollars. Portfolio securities and other assets and
liabilities denominated in foreign currencies are translated to U.S.
dollars at the date of valuation. Purchases and sales of investment
securities, dividend income and certain expenses are translated to U.S.
dollars at the rates of exchange prevailing on the respective dates of such
transactions.
Global Fund does not isolate that portion of gains and losses on
investments which is due to changes in foreign exchange rates from that
which is due to changes in market
prices of the investments. Such fluctuations are included with the net
realized and unrealized gains and losses from investments. Net realized and
unrealized gains and losses on foreign currency transactions includes gains
and losses from the sales of foreign currency and gains and losses on
accrued foreign dividends and related withholding taxes.
H. Other--Security transactions are accounted for on the date the securities
are purchased or sold. Cost is determined, and gains and losses are based,
on the identified cost basis for both financial statement and federal
income tax purposes. Dividend income is recorded on the ex-dividend date.
Interest income and estimated expenses are accrued daily. Bond discounts
and premiums are accreted or amortized using the interest method. For the
six months ended March 31, 2004, the Bank of New York, custodian for the
Series Fund and Series Fund II, has provided total credits in the amount of
$13,323 against custodian charges based on the uninvested cash balances of
these Funds.
2. Security Transactions--For the six months ended March 31, 2004, purchases
and sales of securities and long-term U.S. Government obligations
(excluding U.S. Treasury bills, repurchase agreements, short-term
securities and foreign currencies) were as follows:
Long-Term U.S.
Securities Government Obligations
--------------------------- ---------------------------
Cost of Proceeds Cost of Proceeds
Fund Purchases from Sales Purchases from Sales
- ---- ------------ ------------ ------------ ------------
Total Return $ 57,268,644 $ 36,381,010 $7,611,600 $ --
Value 24,791,172 7,833,637 -- --
Blue Chip 153,402,299 155,568,717 -- --
Growth & Income 109,677,860 80,632,935 -- --
All-Cap Growth 75,417,668 50,245,793 -- --
Mid-Cap Opportunity 77,917,673 44,015,682 -- --
Special Situations 124,573,649 120,047,326 -- --
Focused Equity 14,159,669 14,255,862 -- --
Global 126,393,976 135,199,542 -- --
Notes to Financial Statements (continued)
March 31, 2004
At March 31, 2004 aggregate cost and net unrealized appreciation of
securities for federal income tax purposes were as follows:
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Fund Cost Appreciation Depreciation Appreciation
- ---- ------------ ------------ ------------ ------------
Total Return $217,964,463 $ 36,841,365 $1,444,894 $ 35,396,471
Value 150,382,625 36,477,634 1,027,431 35,450,203
Blue Chip 399,066,022 106,394,294 1,807,195 104,587,099
Growth & Income 456,908,648 129,093,458 4,790,947 124,302,511
All-Cap Growth 109,405,154 23,419,763 1,570,877 21,848,886
Mid-Cap Opportunity 239,807,672 71,053,729 4,105,205 66,948,524
Special Situations 175,150,955 56,899,511 5,398,855 51,500,656
Focused Equity 60,392,661 8,086,140 3,825,863 4,260,277
Global 196,596,448 42,840,656 4,296,987 38,543,669
3. Advisory Fee and Other Transactions With Affiliates--Certain officers and
directors/trustees of the Funds are officers and directors of its
investment adviser, First Investors Management Company, Inc. ("FIMCO"), its
underwriter, First Investors Corporation ("FIC"), its transfer agent,
Administrative Data Management Corp. ("ADM") and/or First Investors Federal
Savings Bank, ("FIFSB"), custodian of the Funds' Individual Retirement
Accounts. Directors/trustees of the Funds who are not "interested persons"
of the Funds as defined in the 1940 Act are remunerated by the Funds. For
the six months ended March 31, 2004, total directors/trustees fees accrued
by the Funds amounted to $44,665.
The Investment Advisory Agreements provide as compensation to FIMCO, an
annual fee, payable monthly, at the following rates:
Total Return, Blue Chip, Mid-Cap Opportunity and Special Situations Funds--
1% on the first $200 million of each Fund's average daily net assets, .75%
on the next $300 million, declining by .03% on each $250 million
thereafter, down to .66% on average daily net assets over $1 billion. FIMCO
has waived 25% of the 1% annual fee on the first $200 million of each
Fund's average daily net assets for the six months ended March 31, 2004.
Value, Growth & Income, All-Cap Growth and Focused Equity Funds-- .75% on
the first $300 million of each Fund's average daily net assets, .72% on the
next $200 million, .69% on the next $250 million and .66% on average daily
net assets over $750 million.
Global Fund--1% on the first $250 million of the Fund's average daily net
assets, declining by .03% on each $250 million thereafter, down to .91% on
average daily net assets over $750 million.
For the six months ended March 31, 2004, total advisory fees accrued to
FIMCO by the Funds were $9,970,897 of which $999,731 was waived.
For the six months ended March 31, 2004, FIC, as underwriter, received
$8,688,082 in commissions from the sale of shares of the Funds, after
allowing $9,996 to other dealers. Shareholder servicing costs included
$3,086,229 in transfer agent fees accrued to ADM and $959,636 in IRA
custodian fees accrued to FIFSB.
Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940 Act,
each Fund is authorized to pay FIC a fee up to .30% of the average daily
net assets of the Class A shares and 1% of the average daily net assets of
the Class B shares on an annualized basis each fiscal year, payable
monthly. The fee consists of a distribution fee and a service fee. The
service fee is paid for the ongoing servicing of clients who are
shareholders of that Fund. For the six months ended March 31, 2004, total
distribution plan fees accrued to FIC by the Funds amounted to $4,594,998.
Wellington Management Company, LLP ("Wellington") serves as investment
subadviser to All-Cap Growth Fund, Focused Equity Fund and Global Fund. The
subadviser is paid by FIMCO and not by the Funds.
4. Forward Currency Contracts--A forward currency contract is an obligation
to purchase or sell a specific currency for an agreed-upon price at a
future date. When a Fund purchases or sells foreign securities it
customarily enters into a forward currency contract to minimize foreign
exchange risk between the trade date and the settlement date of such
transactions. The Fund could be exposed to risk if counter parties to the
contracts are unable to meet the terms of their contracts or if the value
of the foreign currency changes unfavorably. Forward currency contracts are
"marked-to-market" daily at the applicable translation rate and the
resulting unrealized gains or losses are reflected in the Fund's assets.
Notes to Financial Statements (continued)
March 31, 2004
Global Fund had the following forward currency contracts outstanding at
March 31, 2004:
Contracts to Buy Unrealized
Foreign Currency In Exchange for Settlement Date Gain (Loss)
- ---------------------------- --------------- --------------- ----------
96,474 Euro US$ 117,129 4/1/04 US$ 1,428
33,425,828 Japanese Yen 317,059 4/1/04 4,234
252,085 Euro 307,310 4/2/04 2,478
14,904,404 Japanese Yen 140,957 4/2/04 2,306
119,323 Euro 146,827 4/5/04 (191)
1,518,919 Japanese Yen 14,604 4/5/04 (3)
--------------- ----------
$1,043,886
===============
Net Unrealized Gain on Forward Currency Contracts $10,252
==========
5. Capital--Each Fund sells two classes of shares, Class A and Class B, each
with a public offering price that reflects different sales charges and
expense levels. Class A shares are sold with an initial sales charge of up
to 5.75% of the amount invested and together with the Class B shares are
subject to distribution plan fees as described in Note 3. Class B shares
are sold without an initial sales charge, but are generally subject to a
contingent deferred sales charge which declines in steps from 4% to 0% over
a six-year period. Class B shares automatically convert into Class A shares
after eight years. Realized and unrealized gains or losses, investment
income and expenses (other than distribution plan fees and certain other
class expenses) are allocated daily to each class of shares based upon the
relative proportion of net assets of each class. The Series Fund has
established an unlimited number of no par value shares of beneficial
interest for both Class A and Class B shares. Of the 100,000,000 $0.001
par value shares originally designated to each Fund, Series Fund II has
classified 50,000,000 shares as Class A and 50,000,000 shares as Class B
for each Fund. Of the 100,000,000 $1.00 par value Global Fund shares
originally authorized, the Fund has designated 65,000,000 shares as Class A
and 35,000,000 shares as Class B.
6. Restricted Securities-- Certain restricted securities are exempt from the
registration requirements under Rule 144A of the Securities Act of 1933 and
may only be sold to qualified institutional investors. At March 31, 2004,
Total Return Fund held four 144A securities with a value of $2,968,971
representing 1.2% of the Fund's net assets, and the Special Situations Fund
held one 144A security with a value of $3,938 representing 0% of the Fund's
net assets. These securities are valued as set forth in Note 1A.
This page intentionally left blank.
Financial Highlights
FIRST INVESTORS
The following table sets forth the per share operating performance data for
a share outstanding, total return, ratios to average net assets and other
supplemental data for each fiscal year ended September 30, except as
otherwise indicated.
- -----------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
----------------------------------------------------------------------------------------
Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------
TOTAL RETURN FUND
- -----------------
Class A
- -------
1999 $14.27 $ .29 $ 1.26 $1.55 $ .30 $1.18 $1.48
2000 14.34 .31 2.29 2.60 .27 .40 .67
2001 16.27 .26 (2.86) (2.60) .32 1.07 1.39
2002++ 12.28 .22 (1.59) (1.37) .32 -- .32
2003 10.59 .20 1.44 1.64 .21 -- .21
2004(c) 12.02 .09 1.21 1.30 .10 -- .10
Class B
- -------
1999 14.13 .21 1.22 1.43 .21 1.18 1.39
2000 14.17 .21 2.24 2.45 .17 .40 .57
2001 16.05 .18 (2.84) (2.66) .21 1.07 1.28
2002++ 12.11 .15 (1.59) (1.44) .21 -- .21
2003 10.46 .09 1.44 1.53 .13 -- .13
2004(c) 11.86 .06 1.18 1.24 .06 -- .06
- -----------------------------------------------------------------------------------------------------
VALUE FUND+++
- -----------------
Class A
- -------
1999 $ 7.62 $ .13 $ .74 $ .87 $ .13 $ .37 $ .50
2000 7.99 .13 1.21 1.34 .13 .60 .73
2001 8.60 .10 (2.10) (2.00) .11 .56 .67
2002++ 5.93 .11 (1.65) (1.54) .13 -- .13
2003 4.26 .08 .73 .81 .08 -- .08
2004(c) 4.99 .03 .82 .85 .03 -- .03
Class B
- -------
1999 7.53 .08 .72 .80 .08 .37 .45
2000 7.88 .08 1.18 1.26 .07 .60 .67
2001 8.47 .06 (2.07) (2.01) .06 .56 .62
2002++ 5.84 .07 (1.63) (1.56) .08 -- .08
2003 4.20 .05 .71 .76 .04 -- .04
2004(c) 4.92 .01 .81 .82 .01 -- .01
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ------------------------ --------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- ----------------------
Net Asset Net Net Portfolio
Value, Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------
TOTAL RETURN FUND
- -----------------
Class A
- -------
1999 $14.34 11.50 $ 92 1.40 2.08 1.63 1.85 127
2000 16.27 18.67 120 1.33 2.00 1.58 1.75 118
2001 12.28 (17.31) 121 1.37 2.02 1.62 1.77 130
2002++ 10.59 (11.44) 129 1.47 1.91 1.72 1.66 185
2003 12.02 15.58 177 1.52 1.72 1.77 1.47 80
2004(c) 13.04 10.46 35 2.16+ .76+ 2.38+ .54+ 16
Class B
- -------
1999 14.17 10.72 9 2.10 1.38 2.33 1.15 127
2000 16.05 17.79 16 2.03 1.30 2.28 1.05 118
2001 12.11 (17.82) 19 2.07 1.32 2.32 1.07 130
2002++ 10.46 (12.09) 22 2.17 1.21 2.42 .96 185
2003 11.86 14.71 28 2.22 1.02 2.47 .77 80
2004(c) 13.04 10.46 35 2.16+ .76+ 2.38+ .54+ 16
- -----------------------------------------------------------------------------------------------------------
VALUE FUND+++
- -----------------
Class A
- -------
1999 $ 7.99 11.99 $145 1.37 1.69 N/A N/A 65
2000 8.60 17.58 187 1.31 1.57 N/A N/A 46
2001 5.93 (24.98) 149 1.37 1.47 N/A N/A 51
2002++ 4.26 (26.34) 99 1.51 1.93 N/A N/A 40
2003 4.99 19.04 126 1.67 1.69 N/A N/A 92
2004(c) 5.81 17.09 162 1.54+ 1.16+ N/A N/A 5
Class B
- -------
1999 7.88 11.13 21 2.07 .99 N/A N/A 65
2000 8.47 16.77 32 2.01 .87 N/A N/A 46
2001 5.84 (25.46) 26 2.07 .77 N/A N/A 51
2002++ 4.20 (26.94) 17 2.21 1.23 N/A N/A 40
2003 4.92 18.26 19 2.37 .99 N/A N/A 92
2004(c) 5.73 16.75 22 2.24+ .46+ N/A N/A 5
- -----------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
----------------------------------------------------------------------------------------
Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Net Realized
Value, Investment and Unrealized Total from Net Net
Beginning Income Gain (Loss) on Investment Investment Realized Total
of Period (Loss) Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------
BLUE CHIP FUND
- --------------------
Class A
- -------
1999 $22.46 $ -- $ 5.46 $ 5.46 $.02 $ .75 $ .77
2000 27.15 (.09) 5.68 5.59 -- 1.65 1.65
2001 31.09 -- (8.64) (8.64) .01 3.30 3.31
2002 19.14 (.03) (4.55) (4.58) -- -- --
2003 14.56 -- 2.58 2.58 -- -- --
2004(c) 17.14 -- 2.17 2.17 -- -- --
Class B
- -------
1999 22.15 (.14) 5.35 5.21 -- .75 .75
2000 26.61 (.25) 5.50 5.25 -- 1.65 1.65
2001 30.21 (.16) (8.33) (8.49) -- 3.30 3.30
2002 18.42 (.16) (4.35) (4.51) -- -- --
2003 13.91 (.11) 2.46 2.35 -- -- --
2004(c) 16.26 (.06) 2.06 2.00 -- -- --
- -------------------------------------------------------------------------------------------------------
GROWTH & INCOME FUND
- --------------------
Class A
- -------
1999 $12.31 $ .04 $ 2.88 $ 2.92 $.05 $ -- $ .05
2000 15.18 .01 2.98 2.99 .01 1.55 1.56
2001 16.61 .06 (3.99) (3.93) .03 1.49 1.52
2002++ 11.16 .03 (2.31) (2.28) .05 -- .05
2003 8.83 .04 1.85 1.89 .04 -- .04
2004(c) 10.68 .02 1.66 1.68 .02 -- .02
Class B
- -------
1999 12.14 (.04) 2.80 2.76 -- -- --
2000 14.90 (.08) 2.90 2.82 -- 1.55 1.55
2001 16.17 (.01) (3.88) (3.89) -- 1.49 1.49
2002++ 10.79 (.04) (2.24) (2.28) -- -- --
2003 8.51 (.03) 1.78 1.75 -- -- --
2004(c) 10.26 (.02) 1.60 1.58 -- -- --
- -------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ------------------------ --------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- ----------------------
Net Net
Net Asset Investment Investment Portfolio
Value, Total Net Assets Income Income Turnover
End of Return* End of Period Expenses (Loss) Expenses (Loss) Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------
BLUE CHIP FUND
- --------------------
Class A
- -------
1999 $27.15 24.88 $471 1.32 .01 1.41 (.08) 97
2000 31.09 21.49 615 1.27 (.31) 1.34 (.38) 125
2001 19.14 (30.88) 445 1.35 (.02) 1.43 (.10) 117
2002 14.56 (23.93) 333 1.48 (.17) 1.58 (.27) 144
2003 17.14 17.72 383 1.56 -- 1.68 (.12) 111
2004(c) 19.31 12.66 436 1.48+ .02+ 1.58+ (.08)+ 32
Class B
- -------
1999 26.61 24.07 70 2.02 (.69) 2.11 (.78) 97
2000 30.21 20.60 105 1.97 (1.01) 2.04 (1.08) 125
2001 18.42 (31.33) 78 2.05 (.72) 2.13 (.80) 117
2002 13.91 (24.48) 57 2.18 (.87) 2.28 (.97) 144
2003 16.26 16.90 62 2.26 (.70) 2.38 (.82) 111
2004(c) 18.26 12.30 68 2.18+ (.68)+ 2.28+ (.78)+ 32
- -----------------------------------------------------------------------------------------------------------
GROWTH & INCOME FUND
- --------------------
Class A
- -------
1999 $15.18 23.75 $378 1.36 .29 N/A N/A 112
2000 16.61 21.31 494 1.28 .05 N/A N/A 142
2001 11.16 (25.91) 383 1.34 .47 N/A N/A 168
2002++ 8.83 (20.53) 318 1.46 .33 N/A N/A 169
2003 10.68 21.49 400 1.52 .44 N/A N/A 70
2004(c) 12.34 15.69 490 1.44+ .36+ N/A N/A 15
Class B
- -------
1999 14.90 22.77 77 2.06 (.41) N/A N/A 112
2000 16.17 20.49 107 1.98 (.65) N/A N/A 142
2001 10.79 (26.38) 82 2.04 (.23) N/A N/A 168
2002++ 8.51 (21.13) 65 2.16 (.37) N/A N/A 169
2003 10.26 20.56 76 2.22 (.26) N/A N/A 70
2004(c) 11.84 15.40 89 2.14+ (.34)+ N/A N/A 15
- -----------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
----------------------------------------------------------------------------------------
Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Loss Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------
ALL-CAP GROWTH FUND
- -------------------
Class A
- -------
2001(a) $10.00 $(.05) $(3.42) $(3.47) $ -- $ -- $ --
2002 6.53 (.06) (1.14) (1.20) -- -- --
2003 5.33 (.06) 1.48 1.42 -- -- --
2004(c) 6.75 (.04) 1.20 1.16 -- -- --
Class B
- -------
2001(a) 10.00 (.08) (3.43) (3.51) -- -- --
2002 6.49 (.10) (1.13) (1.23) -- -- --
2003 5.26 (.09) 1.44 1.35 -- -- --
2004(c) 6.61 (.07) 1.18 1.11 -- -- --
- -----------------------------------------------------------------------------------------------------
MID-CAP OPPORTUNITY FUND
- ------------------------
Class A
- -------
1999 $14.53 $(.13) $ 6.62 $ 6.49 $ -- $ -- $ --
2000 21.02 (.10) 8.02 7.92 -- 2.28 2.28
2001 26.66 (.05) (7.67) (7.72) -- 1.30 1.30
2002 17.64 (.13) (1.73) (1.86) -- -- --
2003 15.78 (.12) 3.52 3.40 -- -- --
2004(c) 19.18 (.07) 3.72 3.65 -- -- --
Class B
- -------
1999 14.17 (.23) 6.41 6.18 -- -- --
2000 20.35 (.20) 7.67 7.47 -- 2.28 2.28
2001 25.54 (.18) (7.32) (7.50) -- 1.30 1.30
2002 16.74 (.24) (1.63) (1.87) -- -- --
2003 14.87 (.23) 3.31 3.08 -- -- --
2004(c) 17.95 (.13) 3.47 3.34 -- -- --
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ------------------------ --------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- ----------------------
Net Asset Net Net Portfolio
Value, Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Loss Expenses Loss Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------
ALL-CAP GROWTH FUND
- -------------------
Class A
- -------
2001(a) $ 6.53 (34.70) $ 35 1.75+ (.90)+ 2.10+ (1.25)+ 84
2002 5.33 (18.38) 44 1.75 (1.03) 1.98 (1.26) 138
2003 6.75 26.64 77 1.94 (1.15) 1.96 (1.17) 126
2004(c) 7.91 17.19 112 1.78+ (1.22)+ N/A N/A 46
Class B
- -------
2001(a) 6.49 (35.10) 8 2.45+ (1.60)+ 2.80+ (1.95)+ 84
2002 5.26 (18.95) 9 2.45 (1.73) 2.68 (1.96) 138
2003 6.61 25.67 14 2.64 (1.85) 2.66 (1.87) 126
2004(c) 7.72 16.79 19 2.48+ (1.92)+ N/A N/A 46
- -----------------------------------------------------------------------------------------------------------
MID-CAP OPPORTUNITY FUND
- ------------------------
Class A
- -------
1999 $21.02 44.67 $ 50 1.50 (.69) 1.77 (.96) 171
2000 26.66 41.41 120 1.42 (.52) 1.67 (.77) 180
2001 17.64 (30.34) 109 1.51 (.27) 1.76 (.52) 123
2002 15.78 (10.55) 131 1.70 (.82) 1.95 (1.07) 112
2003 19.18 21.55 192 1.73 (.80) 1.97 (1.04) 37
2004(c) 22.83 19.03 258 1.58+ (.68)+ 1.78+ (.88)+ 16
Class B
- -------
1999 20.35 43.61 7 2.20 (1.39) 2.47 (1.66) 171
2000 25.54 40.46 24 2.12 (1.22) 2.37 (1.47) 180
2001 16.74 (30.84) 22 2.21 (.97) 2.46 (1.22) 123
2002 14.87 (11.17) 25 2.40 (1.52) 2.65 (1.77) 112
2003 17.95 20.71 35 2.43 (1.50) 2.67 (1.74) 37
2004(c) 21.29 18.61 46 2.28+ (1.38)+ 2.48+ (1.58)+ 16
- -----------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
----------------------------------------------------------------------------------------
Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Loss Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------
SPECIAL SITUATIONS FUND
- --------------------------
Class A
- -------
1999 $17.83 $(.22) $ 5.79 $ 5.57 $ -- $ -- $ --
2000 23.40 (.18) 9.81 9.63 -- 1.21 1.21
2001 31.82 (.18) (11.59) (11.77) -- 4.89 4.89
2002 15.16 (.19) (2.31) (2.50) -- -- --
2003 12.66 (.17) 3.14 2.97 -- -- --
2004(c) 15.63 (.10) 2.69 2.59 -- -- --
Class B
- -------
1999 17.34 (.36) 5.64 5.28 -- -- --
2000 22.62 (.33) 9.38 9.05 -- 1.21 1.21
2001 30.46 (.29) (11.00) (11.29) -- 4.89 4.89
2002 14.28 (.29) (2.15) (2.44) -- -- --
2003 11.84 (.25) 2.93 2.68 -- -- --
2004(c) 14.52 (.15) 2.49 2.34 -- -- --
- -----------------------------------------------------------------------------------------------------
FOCUSED EQUITY FUND
- -------------------
Class A
- -------
1999(b) $10.00 $(.04) $ .92 $ .88 $ -- $ -- $ --
2000 10.88 (.08) (.42) (.50) -- -- --
2001 10.38 (.03) (2.63) (2.66) -- -- --
2002 7.72 (.07) (1.92) (1.99) -- -- --
2003 5.73 (.02) 1.52 1.50 -- -- --
2004(c) 7.23 (.01) .77 .76 -- -- --
Class B
- -------
1999(b) 10.00 (.06) .90 .84 -- -- --
2000 10.84 (.15) (.43) (.58) -- -- --
2001 10.26 (.09) (2.59) (2.68) -- -- --
2002 7.58 (.13) (1.86) (1.99) -- -- --
2003 5.59 (.07) 1.48 1.41 -- -- --
2004(c) 7.00 (.04) .75 .71 -- -- --
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ------------------------ --------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- ----------------------
Net Asset Net Net Portfolio
Value, Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Loss Expenses Loss Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------
SPECIAL SITUATIONS FUND
- --------------------------
Class A
- -------
1999 $23.40 31.24 $186 1.53 (.97) 1.76 (1.20) 132
2000 31.82 43.07 276 1.41 (.68) 1.60 (.87) 161
2001 15.16 (42.86) 164 1.54 (.94) 1.75 (1.15) 183
2002 12.66 (16.49) 138 1.69 (1.24) 1.93 (1.48) 153
2003 15.63 23.46 169 1.80 (1.26) 2.05 (1.51) 111
2004(c) 18.22 16.57 204 1.64+ (1.18)+ 1.86+ (1.40)+ 58
Class B
- -------
1999 22.62 30.45 20 2.23 (1.67) 2.46 (1.90) 132
2000 30.46 41.94 34 2.11 (1.38) 2.30 (1.57) 161
2001 14.28 (43.26) 21 2.24 (1.64) 2.45 (1.85) 183
2002 11.84 (17.09) 18 2.39 (1.94) 2.63 (2.18) 153
2003 14.52 22.63 20 2.50 (1.96) 2.75 (2.21) 111
2004(c) 16.86 16.12 24 2.34+ (1.88)+ 2.56+ (2.10)+ 58
- -----------------------------------------------------------------------------------------------------------
FOCUSED EQUITY FUND
- -------------------
Class A
- -------
1999(b) $10.88 8.80 $ 59 1.75+ (.93)+ 1.90+ (1.08)+ 57
2000 10.38 (4.60) 75 1.62 (.76) 1.52 (.66) 178
2001 7.72 (25.63) 51 1.75 (.35) N/A N/A 240
2002 5.73 (25.78) 38 1.83 (.90) N/A N/A 150
2003 7.23 26.18 48 1.99 (.35) N/A N/A 49
2004(c) 7.99 10.51 53 1.90+ (.36)+ N/A N/A 23
Class B
- -------
1999(b) 10.84 8.40 14 2.45+ (1.63)+ 2.60+ (1.78)+ 57
2000 10.26 (5.35) 18 2.32 (1.46) 2.22 (1.36) 178
2001 7.58 (26.12) 13 2.45 (1.05) N/A N/A 240
2002 5.59 (26.25) 9 2.53 (1.60) N/A N/A 150
2003 7.00 25.22 11 2.69 (1.05) N/A N/A 49
2004(c) 7.71 10.14 12 2.60+ (1.06)+ N/A N/A 23
- -----------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
----------------------------------------------------------------------------------------
Less Distributions
Investment Operations from
------------------------------------- ----------------------
Net Asset Net Realized
Value, Net and Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Loss Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------
GLOBAL FUND
- -----------
Class A
- -------
1999 $ 6.33 $ -- $ 1.86 $ 1.86 $ -- $ .08 $ .08
2000 8.11 (.02) .91 .89 -- .89 .89
2001 8.11 (.01) (2.13) (2.14) -- .76 .76
2002 5.21 (.01) (.96) (.97) -- -- --
2003 4.24 (.01) .93 .92 -- -- --
2004(c) 5.16 (.01) .88 .87 -- -- --
Class B
- -------
1999 6.19 (.04) 1.81 1.77 -- .08 .08
2000 7.88 (.07) .88 .81 -- .89 .89
2001 7.80 (.06) (2.03) (2.09) -- .76 .76
2002 4.95 -- (.95) (.95) -- -- --
2003 4.00 (.04) .88 .84 -- -- --
2004(c) 4.84 (.03) .82 .79 -- -- --
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ------------------------ --------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- ----------------------
Net Asset Net Net Portfolio
Value, Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Loss Expenses Loss Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------
GLOBAL FUND
- -----------
Class A
- -------
1999 $ 8.11 29.63 $316 1.72 (.03) N/A N/A 92
2000 8.11 11.73 350 1.65 (.26) N/A N/A 102
2001 5.21 (28.87) 234 1.77 (.21) N/A N/A 116
2002 4.24 (18.62) 173 1.87 (.35) N/A N/A 125
2003 5.16 21.70 192 1.98 (.19) N/A N/A 112
2004(c) 6.03 16.86 218 1.88+ (.38)+ N/A N/A 58
Class B
- -------
1999 7.88 28.78 18 2.42 (.73) N/A N/A 92
2000 7.80 10.99 26 2.35 (.96) N/A N/A 102
2001 4.95 (29.42) 18 2.47 (.91) N/A N/A 116
2002 4.00 (19.19) 14 2.57 (1.05) N/A N/A 125
2003 4.84 21.00 15 2.68 (.89) N/A N/A 112
2004(c) 5.63 16.32 17 2.58+ (1.08)+ N/A N/A 58
- -----------------------------------------------------------------------------------------------------------
* Calculated without sales charges.
** Net of expenses waived or assumed by the investment adviser (Note 3).
+ Annualized
++ Prior to October 1, 2001, the Total Return Fund, Growth & Income Fund,
and Value Fund did not amortize premiums on debt securities. The per
share data and ratios prior to 2001 have not been restated. The
cumulative effect of this accounting change had no impact on total net
assets of the Funds.
+++ Prior to December 31, 2002, known as Utilities Income Fund.
(a) For the period October 25, 2000 (commencement of operations) to
September 30, 2001.
(b) For the period March 22, 1999 (commencement of operations) to
September 30, 1999.
(c) For the period October 1, 2003 to March 31, 2004.
See notes to financial statements
Independent Auditors' Report
To the Shareholders and Boards of Directors/Trustees of
First Investors Series Fund
First Investors Series Fund II, Inc.
First Investors Global Fund, Inc.
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments of the Blue Chip Fund, Special
Situations Fund and Total Return Fund (each a series of First Investors
Series Fund), the All-Cap Growth Fund, Focused Equity Fund, Growth & Income
Fund, Mid-Cap Opportunity Fund and Value Fund (formerly Utilities Income
Fund) (each a series of First Investors Series Fund II, Inc.), and First
Investors Global Fund, Inc. as of March 31, 2004, the related statement of
operations, the statement of changes in net assets and the financial
highlights for each of the periods indicated thereon. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of March 31, 2004,
by correspondence with the custodian and brokers. Where brokers have not
replied to our confirmation requests, we have carried out other appropriate
auditing procedures. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of the Blue Chip Fund, Special Situations Fund, Total Return Fund, All-Cap
Growth Fund, Focused Equity Fund, Growth & Income Fund, Mid-Cap Opportunity
Fund, Value Fund, and Global Fund as of March 31, 2004, and the results of
their operations, changes in their net assets and their financial
highlights for the periods presented, in conformity with accounting
principles generally accepted in the United States of America.
Tait, Weller & Baker
Philadelphia, Pennsylvania
May 3, 2004
FIRST INVESTORS EQUITY FUNDS
Directors/Trustees
- ------------------------------------
Robert M. Grohol
Glenn O. Head
Kathryn S. Head
Larry R. Lavoie
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- ------------------------------------
Kathryn S. Head
President
Dennis T. Fitzpatrick
Vice President
Clark D. Wagner
Vice President
Joseph I. Benedek
Treasurer
Mark S. Spencer
Assistant Treasurer
Carol Lerner Brown
Assistant Secretary
FIRST INVESTORS EQUITY FUNDS
Shareholder Information
- ------------------------------------
Investment Adviser
First Investors Management Company, Inc.
95 Wall Street
New York, NY 10005
Subadviser (All-Cap Growth Fund, Focused Equity Fund and Global Fund only)
Wellington Management Company, LLP
75 State Street
Boston, MA 02109
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
One Wall Street
New York, NY 10286
Custodian (Global Fund only)
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
Transfer Agent
Administrative Data Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
1818 Market Street
Philadelphia, PA 19103
It is the Funds' practice to mail only one copy of their annual and
semi-annual reports to all family members who reside in the same household.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. The Funds will ensure
that separate reports are sent to any shareholder who subsequently changes
his or her mailing address.
This report is authorized for distribution only to existing shareholders,
and, if given to prospective shareholders, must be accompanied or preceded
by the Funds' prospectus.
The Statement of Additional Information includes additional information
about the Funds' directors/trustees and is available without charge, upon
request by calling 800-423-4026.
NOTES
NOTES
Item 2. Code of Ethics
The Registrant's Board of Directors/Trustees ("Board") has
adopted a Code of Ethics that applies to the First Investors Funds'
("Funds") principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the Funds or a third party. The Code of Ethics is attached to this
report as Exhibit A.
During the period of the report, there have been no amendments to the
Code of Ethics or waivers, implicit or otherwise, from its provisions.
Item 3. Audit Committee Financial Expert
Not applicable to Semi-Annual Report
Item 4. Principal Accountant Fees and Services
Not applicable to Semi-Annual Report
Item 5. Audit Committee of Listed Registrants
Not applicable to Semi-Annual Report
Item 6. Schedule of Investments
Schedule of Investments is included as part of
the Report to Stockholders filed under Item 1
of this Form.
Item 7. Disclosure of Proxy Voting Policies & Procedures for
Closed-End Management Investment Companies
Not applicable to the Registrant
Item 8. Purchases of Equity Securities by Closed-End Management
Investment Companies and Affiliated Purchasers
Not applicable to the Registrant
Item 9. Submission of Matters to a Vote of Security Holders
Not applicable to the Registrant for this filing
Item 10. Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal
Financial Officer have concluded that the Registrant's disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended) are effective, based on their evaluation of these
disclosure controls and procedures as of a date within 90 days of the
filing date of this report.
(b) There were no significant changes in the Registrant's internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Item 11. Exhibits
(a) Code of Ethics - Filed herewith
(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 - Filed herewith
(c) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 - Filed herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the Registrant have duly caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
First Investors Series Fund
First Investors Series Fund II, Inc.
First Investors Global Fund, Inc.
(Registrant)
By /S/ KATHRYN S. HEAD
Kathryn S. Head
President and Principal Executive Officer
Date: June 1, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by
the following persons on behalf of the Registrant and in the capacities and
on the dates indicated.
First Investors Series Fund
First Investors Series Fund II, Inc.
First Investors Global Fund, Inc.
(Registrant)
By /S/ JOSEPH I. BENEDEK
Joseph I. Benedek
Treasurer and Principal Financial Officer
Date: June 1, 2004